Nine years, two degrees and one military commission later, I curse the lack of assistance my parents received in preparing me for school debt. When asked about leaving Texas for a private college back East, I tell people that it was a great experience but that, from a financial perspective, I should have attended a public school close to home. Doing so would have long ago allowed me to buy a home and upgrade from the 21-year-old Volvo I have driven since graduation. I refer to my diplomas as my mortgage only half-jokingly. And while I enjoy public service, some days I think of what it would be like to run my own business rather than being committed to serving for 10 years in the hopes of having my student loan debt forgiven.
This month Rep. Hansen Clarke (D-Mich.) introduced the Student Loan Forgiveness Act of 2012. It holds that an educated populace benefits all of society, not just the individual student. My military experience has taught me the value of diverse backgrounds and educations among my fellow airmen.
Clarke’s bill proposes forgiving as much as $45,520 of eligible student-loan debt after new borrowers have made 120 payments — equivalent to 10 percent of their discretionary income for 10 years — or would forgive any outstanding debt for those whose loans predate enactment if the borrower has already made 120 payments in the past 10 years. Even better, the forgiven amount will not count as income, so debtors need not fear paying higher income taxes for 2012.
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