To: President Donald Trump, The United States House of Representatives, and The United States Senate
Student Loan Restructuring
Create a system for current private student loans to be bought by the government and placed into a system that will allow them to be eligible for income based repayment. This will help students and former students to be able to afford their monthly expenses while still holding them liable for the loans they used for higher education.
Why is this important?
With so many of us facing seemingly insurmountable student loan debt, something needs to be done. Students, both current and recently graduated are the future of this economy. It is well within reason to believe that we could provide the boost to the economy that is currently needed. However, many of us need help. I have more then $120K in student debt and for the last 3 years have made an average of $11 p/h. Quite often I am faced with making less in one month then what is owed on a monthly basis for my student loans, mostly private loans that I was made to feel I needed and were not properly explained to me.
A solution to this is for the government to buy the private loans the way banks buy loans from other banks. From here place them into the same category as government student loans so that they may become eligible for income based repayment. At this point take all loans that are in/near default and give them forbearance to bring them current. This will allow everyone who is eligible to apply for IBR options and significantly reduce individual monthly expenses while still keeping everyone liable for the loans they used. Now we have the potential for more of our income to help with economic growth, and still be able to pay rent, utilities and our loans. All we need is the support of our government.
A solution to this is for the government to buy the private loans the way banks buy loans from other banks. From here place them into the same category as government student loans so that they may become eligible for income based repayment. At this point take all loans that are in/near default and give them forbearance to bring them current. This will allow everyone who is eligible to apply for IBR options and significantly reduce individual monthly expenses while still keeping everyone liable for the loans they used. Now we have the potential for more of our income to help with economic growth, and still be able to pay rent, utilities and our loans. All we need is the support of our government.