President Obama, I humbly request you consider a ninety day student loan amnesty program where people who are burdened with outstanding student loan debt can pay off the principal of their outstanding student loans with debt interest forgiveness.
Student loan debt in America is the second highest form of consumer debt, surpassed only by mortgage debt. Over 37 million Americans have student loan debt at an average interest rate of 6.8% The average student loan monthly payment is $387, over 1/4 of most working families monthly income.
The excessive student loan debt, surpassing 1.1 trillion dollars, affects individual's ability to purchase homes, open businesses, access capital, get decent job, and affects the overall health of the U.S. economy.