Student loan debt has now surpassed credit card debit and it is a drag on the economy. Many of these loans will default. Those who owe federal student loans should be given the same opportunity that has been granted to those delinquent on taxes--pennies on the dollar. It would take a great burden off those who have been unemployed or underemployment, give an infusion to the treasury, spur new private loans, and allow the fed to collect money that might otherwise be defaulted on.
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