The crushing student loan debt that students are graduating with combined with the lack of jobs in this country are leaving people with no possible way of paying off their loans. There is currently a law allowing people to defer payments for three years if their payments exceed 20% of their income.
I propose that student loans be billed at no more than 20% of net income for no more than 15 years and the rest of the debt be forgiven. Those who have been paying off their loans should have the finances reviewed and adjusted based on past payments. There should be a clause for those who are unemployed so that they do not have to pay anything during the time of unemployment.
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