By allowing Americans to repay their student loans with pre-tax dollars (much the way they can put money towards their retirement or pay for their healthcare), loan holders who work will receive a tax benefit which directly supports the payback of the loans they received to support their education.
By doing this it would give Americans one quarter to one third more income to devote towards paying back their loans in a timely manner, reducing the risk of default, and enabling Americans with education to reduce the number of years that Americans put off other parts of the American dream to pay loans. This legislation in the long term would encourage entrepreneurship, home-ownership, the creation of financially sound families, and help make education an asset rather than a lifelong burden.