Many believe its time student loans were forgiven. But at the very least, Congress should consider a measure like the Student Loan Fairness Act proposed by Congresswoman Karen Bass.
Bass’ bill would allow part of the debt to be forgiven after borrowers follow a ten-year repayment plan based on 10% of their discretionary income. The act she’s pushing would also permanently cap federal student loan interest rates at 3.4 % and suspend interest charges during times of unemployment.
Bass points out that millions of college graduates have been unfairly saddled with debt that is hampering their ability to participate in the nation’s current economic growth trend. Buried under debt, they’re having to delay decisions to buy homes, start a business or make other investments.
Giving these borrowers a lifeline is not only the compassionate and fair thing to do, but it should create a boost for the economy as well.
Tell Congress to pass the Student Loan Fairness Act.