Create the Federal Student Loan Forgiveness Act, which would forgive up to $20,000/yr for Americans with college degrees

Under the Federal Student Loan Forgiveness act, anyone who works at a public institution would automatically qualify to receive up to $20,000 per year in student loan forgiveness. As well, anyone with private student loans would be able to get those consolidated under the Direct Loans Federal program, which would qualify for some type of forgiveness. Anyone who works at a public institution of education, hospital, state or federal prison, county or city jail, or works for non-profit organizations would qualify for student loan forgiveness of up to $20,000 per year. In addition, anyone who has more than $100,000 in student loan debt would qualify for up to $35,000 per year in student loan forgiveness. This program would be part of a stimulus act which would help to stimulate the economy.