This is NOT only a "young person's problem." At least 60% of the $1 Trillion is owed by Americans over the age of 30.
In short, student loan debt has become the latest financial crisis in America. If we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped.
But now, there is a solution: H.R. 1330 - The Student Loan Fairness Act - Introduced in the House of Representatives by Rep. Karen Bass (D-CA) and co-sponsored by Rep. Frederica Wilson (D-FL)!
The Student Loan Fairness Act would create a new 10-10 standard for student loan repayment, in which an individual would be required to make ten years of payments at 10% of their discretionary income, after which, their remaining student loan debt would be forgiven. Further, this legislation would:
ensure low interest rates;
allow those eligible to convert their private loan debt into federal direct loans;
reward graduates for entering public service professions;
provide a lifeline for student borrowers who have fallen on difficult times;
encourage delinquent and defaulted borrowers to re-enter repayment;
replace the current, 10 year Standard Repayment Plan for the full amount of the loan balance with the 10-10 plan as the default repayment option for borrowers entering repayment.
I had to pay my shyt back
I will for law school.
