Student loan debt will be the real debt crisis our nation faces in the future. The high cost of education has led to increased borrowing, and repayment is becoming impossible for many college graduates. These debts stand in the way of home ownership, starting a family, and saving for retirement. The dream of a good education makes it impossible to achieve the American dream.
Federal loan programs have developed ways to ease these pressures, offering income based plans, among other programs, and forgiving debts after 20 years of payment.
Unfortunately private loan companies, even federally backed companies like Sallie Mae, do not offer these repayment options despite lending to a large population. Please enact legislation making repayment options affordable for ALL types of student debt.