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!

Insights Archive

Recommendation for Legislation on Minority Contracting

By steve@sbacil.org | November 9, 2020

Illinois has failed to ensure that Black owned businesses procure their fair share of government contracts and revenue from government projects. Loopholes must be closed and reforms be made now! Read the SBAC’s recommendations for legislation to reform the process. Read the Recommendations here

SBAC and Fifth Third Bank Present: Post Election Commentary by Jeff Korzenik

By steve@sbacil.org | November 9, 2020

A Post Election Commentary Presented by: Jeff Korzenik Managing Director, Chief Investment Strategist,  Fifth Third Investment Management Group Discussion Points: Post-Election Policy and Market Implications Current State of the U.S. Economy: Differences and Similarities with Past Downturns The Impact of Monetary and Fiscal Intervention Health Risks and Unintended Consequences The Post Pandemic Economy: Disrupted Industries, Disrupted…

Graduated Income Tax Town Hall Recording 9/24/2020

By steve@sbacil.org | November 9, 2020

The resounding success of our last Graduated Income Tax Town Hall has prompted the IACCE and SBAC to partner on a follow-up forum.  Ralph Martire and Leslie Munger returned to answer your questions about the proposed graduated income tax. Ralph Martire is the Executive Director for the Center for Tax and Budget Accountability and Rubloff Professor…

Scroll To Top