Federal Student Loan debt is crippling our economy. Federal Student Loan interest rates are too high and current repayment plans do not help. Providing loans for college and graduate studies are beneficial to the economy, but high interest rates and high repayment plans make the loans impossible to pay back. Legislation needs to be passed that allows all student loans to be interest free while the student is attending school or while it is deferred, have low interest rates of no more than 2%, and the repayment terms should be based on the student's income. The interest portion of the student loan debt should be discharged if the student files for bankruptcy.
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