The Student Loan Forgiveness Act 2012, proposes legislation which will enable college graduates to adjust their monthly payments to more easily align them with their monthly income. Offering more flexibility with setting up payments will encourage more former students to meet their obligation, rather than defaulting. So many have not been able to find jobs in their area of study, or accept such low paying jobs, that they are either struggling to meet payments or ruining their credit by defaulting.
Creating more flexibility in making payments should have a positive impact on the country's economy in some obvious ways: paying down debt and helping young people establish good credit.
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