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forgive student loan debt with no tax consequence if paid principal amount and it has been 20 years since loan issued.

Created by E.B. on January 29, 2013

Forgive Student Loan Debt - propose that federal government provide for forgiveness of student loan debt if after twenty years since date of issuance of loan (or first due date), the debtor has made or agrees to pay an amount equal to the principal amount taken out with no tax consequence for the amount forgiven. Too many students were sold a "bill of goods" stating that they would earn more than enough to pay their student loans, but in fact have not and will not. They are not able to buy a house, etc. because of this debt that has ballooned out of control for over two decades. They cannot take a job doing what they enjoy because they are "enslaved" by this obligation which can be four or more times the amount loaned.

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