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

KOREY RICHARDSON

By growthzone | January 20, 2020

Korey Richardson LLP is a full-service law firm with a particular focus on representing businesses in commercial litigation disputes. Our goal is to provide aggressive representation for our clients at the lowest possible cost. We also strive to counsel our clients through the litigation process to help to remove as much anxiety and uncertainty as…

LEXITAS

By growthzone | January 19, 2020

For legal professionals who have critical and immediate needs for expert, local and national court reporting, record retrieval, registered agent, and legal talent outsourcing services, Lexitas is a strategic legal support partner that furnishes our clients with best-of-breed services, inspires confidence, provides convenience and delivers value. Expert Court Reporting LegalView Remote Depositions Record Retrieval for…

NEW PATH BUSINESS ADVISORS

By growthzone | January 17, 2020

For over 20 years, the leadership of New Path Business Advisors has helped hundreds of organizations and thousands of individuals identify and overcome roadblocks to financial, professional, and personal success. The foundation of success resides in your ability to define and live by your Core Values. We help you develop lead generation, sales, and growth…

Scroll To Top