Issue a formal pardon for all student loan debt, federal AND private, on student loans acquired prior to January 1, 2012

We urge the federal government to step in and forgive all student loan debt for the sake of the economy. This would potentially be the largest boost to the US economy yet. About 5 million federal loan borrowers are in default (meaning they have failed to make payments for 270 days or more) and 850,000 private loans are in default. In total, this adds up to about $67 billion of defaulted student loans. It's grown 275% in the last decade to $905 billion, more than total general consumer credit card debt. Imagine turning that $905 billion into the economy. That's 1/16 of the national debt gone! Grads could afford to live better, and be more productive members of society with this burden eliminated.