Mr. CLARKE of Michigan. Mr. Speaker, today I have introduced H.R. 4170, a bill that will forgive student loan debt for millions of hardworking Americans.
This bill provides that if a student loan borrower makes payments equal to 10 percent of their discretionary income for a period of 10 years, the balance of their Federal student loan debt will be forgiven. This provides student loan borrowers with a second chance, those who have been struggling financially. By cutting this debt, this frees up their money to invest on their own. That will create new jobs throughout this country.
It's time for Congress to stand for the rights of student loan borrowers. It's time to forgive these student loan debts.