Bail Out Student Loan Debt! Offer to forgive 10% of student loan debt if 90% is paid back within 5 years interest free.

The average student owes over $28000 in student loan debt by the time they graduate and pays over $10000 in interest in the decade that follows. For some, this is simply too much and they end up in default. I propose that the government offer a one time bailout option: payback 90% of your student loan debt - interest free - over a five year period. If 60 on time payments are made, you pay no interest and 10% of your debt is forgiven. This incentive would encourage student loan payback and give students a fresh start without the burden of debt or default following them for decades to come. Further more; with the burden lifted, more income would be available for retirement saving, investing, and home ownership - items that are normally put on hold while paying down student loan debt.