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!
Funding For Local Chambers of Commerce
HB4993 -> 1 Pager & Endorsements Chamber Relief Grant Program Local chambers of commerce provide important support and services to small businesses. They connect small businesses to potential customers and play a pivotal role in fostering commerce in local communities. However, many chambers have been devastated by the pandemic. For that reason, we are asking…
Occupational Licensing Reform
Occupational Licensing Reform Occupational licenses are often necessary to protect the safety, health, and welfare of the public. However, when these licenses are revisited by legislators, it is important they have accurate and unbiased information before determining whether and how to maintain such a license. Regulatory Sunset Review – HB5576 This legislation amends the Regulatory…
Illinois policymakers need to allocate rescue plan grants to help struggling businesses.
The SBAC is advocating to ensure struggling and qualified businesses across Illinois have access to Back to Business grants. This means making sure the grant program is adequately funded. Read Elliot’s article in The State Journal-Register here. Please translate this page to the language of your choice. Supporters Fifth Third Bank Saul Ewing Arnstein Lehr…
