With student loan debt rapidly growing over the trillion dollar mark, and the default rates rising as well, the clear solution to both these issues would be to cap the interest rate of 1%. Making payments more manageable will result in less default, adding to a positive return on lending agencies, as well as the borrowers. This also allows the colleges to become more affordable without having to cut cost, or grow deficits. Allowing borrowers to refinance their loans at the lower rate will reduce the trillion dollars outstanding debt.
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