Loan forgiveness bill passes Senate!
Posted on
July 27, 2007 by
Gideon
Just received word that the John R. Justice Prosecutors and Defenders Incentive Act of 2007 passed as an amendment to S. 1642 [pdf - scroll to page 600] by a vote of 95-0. This loan repayment bill had earlier passed the House.
Here are the main points:
(i) $10,000 for any borrower in any calendar year; or
(ii) an aggregate total of $60,000 in the case of any borrower.
Best news I’ve had all week.
No doubt. Great way to end the week.
Considering that I just added up the amount of loans I’ll have after next year…and compared it to the amount I’m going to be making…this almost made me cry.
Beautiful, isn’t it?
Now if only they move on it quickly.
I’ve been checking govtrack.com and there has not been an update on the Senate vote. According to them, it has not been voted on yet. Where can I see the published vote?
Here’s the vote:
link
Go to http://thomas.loc.gov and search for S. 1642. I can’t link there, because it is a temporary link.
Cancellation of all or some part of the educational loan under certain circumstances or conditions rendered by the federal government is what school loan forgiveness connote. Inshort, forgiveness is a practice in which an individual has to serve the public in order to waive off some or whole of the school loan.
Yeah, um, the math on this doesn’t look too good. $10k a year w/ appropriations of $25m would cover 2,500 individuals. I’m willing to bet there are more than 2,500 prosecutors and public defenders with debt. Is it just going to be “first come first served” or what? I have a feeling this is just a feel good proposition and it’s not actually going to help very many people.
Oh thant’s a great news. Really very useful. Could you plz suggest me some financial institutions which will provide loans regarding corporate purposes such as currency trading, insurance, and mortgage related companies. I’ll be very thankful.