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

Please translate this page to the language of your choice.

SBAC EMPOWER

By jessica@sbacil.org | January 10, 2020

SBAC Empower rebuilds economically challenged communities by supporting the establishment of new businesses that create employment opportunities, destination branding, and goodwill across Chicago’s business community.

SIGNATURE BANK

By jessica@sbacil.org | January 9, 2020

We are a Chicago-area based bank, and proud of it. Signature Bank continues to give back to the neighborhoods and communities it serves throughout the year. Our involvement isn’t just about downtown, however, but also about the neighborhoods and individual communities that are such a rich part of the fabric of the city. All three…

STEADFAST

By jessica@sbacil.org | January 7, 2020

Let Us Support Your Digital Transformation A Simpler Way to Get Into the Cloud We know it’s hard to believe. But, it’s true. There is a much simpler way to embark on your cloud journey. While there are many well-known cloud providers, most offer off-the-shelf packages that either don’t address your specific needs or “package” in a…

Scroll To Top