The aim of this legislative petition would be to completely overhaul student lending and address the student debt crisis in whole, now. Fed loan rates would be set to rates that mirror corporate borrowing i.e. .75%. Private loans that were issued post 2001 and were sold after their issue as credit default swaps (like the mortgage loans) would be void as breach of contract, an option would be created to allow for private student loan debt to be consolidated with federal loans, with the fed, at reduced interest and principal. Lifetime caps on repayment principal and co-signer release with consolidation. Future lenders would be prohibited from selling debts, to side-step risk of default, after students borrow.
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