With the total national student loan debt topping $1 trillion, we urge the President to seek the following modifications to the Public Service Loan Forgiveness program:
1) Grant, retroactively and cost free, two years of PSLF to individuals who give one year of national service
2) Allow time volunteering for an national, state, or local government agency, or nonprofit to count towards PSLF
We further urge the following changes be made to the student loan system generally:
1) Any loan backed by the Federal government should be eligible for PSLF regardless of who holds the loan
2) Interest rates on all federally backed student loans should be brought to less than one percent
We also seek the following change to the tax code:
1) All student loan interest shall be tax deductible