Student loan debt in the United States has exceeded $1 trillion—more than credit card or automobile debt—and it is growing. This crisis not only limits opportunities for those struggling to pay back their loans; it causes a significant drag on our entire economy.
Recently, Representative Karen Bass introduced the Student Loan Fairness Act of 2013, a measure that promises relief for many of the over 37 million Americans saddled with student loan debt. The bill addresses this problem in the following ways:
Creates a 10-10 standard for student loan repayment, in which an individual would be required to make 10 years of payments at 10% of their discretionary income, after which, their remaining debt would be forgiven.
Permanently caps the interest rate for all federal student loans at 3.4%, ultimately eliminating the need to enact temporary measures every year to prevent rates from doubling.
Allows those eligible to convert their private loan debt into federal direct loans.
Suspends interest rates while borrowers are un-employed.
Rewards graduates for entering into public service.
Contact your representative and implore them to co-sponsor and vote "yes" on the Student Loan Fairness Act of 2013.
Occupy Wall Street demonstrators participating in street-theater wear signs around their neck representing their student debt.