Skip to content

PANDEMIC MAKES STUDENT DEBT RELIEF CRUCIAL

Pandemic Makes Student Debt Relief Crucial

Over 45 million Americans collectively owe an approximate $1.6 trillion in student loans. This exorbitant debt stifles our economy and impedes the mobility of young Americans who thought going to college would provide financial security.

The economic impact of the pandemic has put Americans further into debt and has had a profound impact on the job market.  It is time to tackle the student debt crisis so that young Americans can financially recover from the pandemic.

 

The Small Business Advocacy Council is advocating for the following reforms:

 

  • Capping Interest Rates at 3.5%:  Cap interest rates at 3.5% immediately regardless of lender or program.  Some former college students are paying 9% interest rates on their loans.  That is not acceptable.
  • Refinancing of Loans with Federal Loan Servicers: Allow borrowers to refinance loans with federal loan servicers, thus reducing their interest payments and positively enhancing their debt-to-income ratio.
  • Reasonable Student Debt Reduction:  Forgive a reasonable portion of American’s student debt given the financial impact of the pandemic.
  • Principal and Interest Deferment for Medical Hardship: Allow young professionals who develop serious medical conditions to defer both principal and interest on their student debt.  This should apply to those forced to postpone their education because of an illness.

 

The SBAC is committed to fighting for policies that meaningfully address the student debt and provide millions of Americans the opportunity to get out from underneath crushing debt. This will also stimulate our economy at a crucial time!

Archives

REVITALIZATION IN THE NEWS: 51st Corridor Development

By jake@sbacil.org | May 20, 2022

Vacant land being transformed to a multi-purpose unit! A development duo on the South Side of Chicago is bringing more restaurants, retail and housing to 51st Street Corridor. This multi-purpose unit will be built on a vacant space. Developments such as this are perfect examples of what can be done with the large number of…

Thank you for attending Rebound on the Rooftop!!

By sara@sbacil.org | May 13, 2022

THANK YOU for attending our Rebound on the Rooftop on May 11, 2022!! It was such a beautiful evening, the weather was PERFECT, and we are so glad we got to see so many of you in person again! If you weren’t able to make it, we missed you! And we hope we’ll see you…

Cook County Assessor Candidate Forum

By jake@sbacil.org | May 13, 2022

Join the SBAC and our partners on Thursday, June 9th for our Cook County Assessor Candidate Forum! We will be joined by Assessor Fritz Kaegi, Commissioner Kari Steele and Nico Tsatsoulis and explore their views on stability, fairness, equity and transparency as it pertains to the Cook County property tax system. We will also discuss…

Scroll To Top