Proposed federal budget will cap public interest loan forgiveness at $57,500 starting in 2015. This loan forgiveness will be inadequate (to say the least) to cover 3 yrs. of law school tuition that you've incurred and that has been compounded with interest for 10 years.
Take a look at the petition and sign if you would ask the President to forego this cap on education spending:
Take a look at this fact sheet for more information:
The Budget Request would also provide student loan borrowers with additional tax relief by excluding student loan forgiveness from taxation for borrowers who have made student loan payments for many years under an income- related repayment plan. The Budget Request provides an exclusion from income for student loan forgiveness and for certain scholarship amounts for participants in the Indian Health Service Health Professions Programs.
The Budget Request also proposes limiting the value of certain tax expenditures and all itemized deductions to 28 percent for certain high income taxpayers: including the charitable deduction, which could impact donations to universities; tax benefits such as tax-exempt interest; and, tax exclusions for retirement contributions and employer sponsored health insurance.
The Budget Request would also make the Research and Development Tax Credit permanent.
LINKS TO FEDERAL AGENCY BUDGET INFORMATION
White House/Office of Management and Budget Information: http://www.whitehouse.gov/omb/
- The FY 2011 President’s Budget Request (including supporting materials): http://www.whitehouse.gov/omb/budget/
- The FY 2015 Budget Request: http://www.whitehouse.gov/omb/overview
- President Obama’s prepared remarks: http://www.whitehouse.gov/the-press-office/2014/03/04/opportunity-all-middle-class-tax-cuts-president-s-fy-2015-budget
- Cuts, Consolidations and Savingshttp://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/ccs.pdf
DEPARTMENT OF EDUCATION
- Press Release: https://www.ed.gov/news/press-releases/obama-administration-2015-budget-prioritizes-key-education-investments-provide-o
- White House Agency Fact Sheet: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/education.pdf
- Department Budget Webpage: http://www2.ed.gov/about/overview/budget/budget15/index.html
- Summary and Background Information: http://www2.ed.gov/about/overview/budget/budget15/summary/15summary.pdf
- Justifications of Appropriation Estimates to Congress: http://www2.ed.gov/about/overview/budget/budget15/justifications/index.html
DEPARTMENT OF HEALTH AND HUMAN SERVICES
- Secretary Remarks on Budget: http://www.hhs.gov/budget#remarks
- White House Agency Fact Sheet: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/health.pdf
- Department Budget Webpage: http://www.hhs.gov/budget
- HHS Budget in Brief: http://www.hhs.gov/budget/fy2015/fy-2015-budget-in-brief.pdf