Consider the number of adults that have made an effort to pay off their student loans and have been in debt for 10+ years.
My proposal is that we create a “buyout program” so that the interest that those who are paying after their tenth year can be forgiven sooner, and free them to put the money back into the economy in other ways.
How? They pay one agreeable lump sum and their debt be forgiven. This would only apply to those who have a consistent history of payment without deferral. Those who want to participate, will have to apply the same as all other income based repayment and of course couldn’t owe more than $10,000.
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I know it will help a lot of people but I am NOT for this. I paid my way, my kids way and they paid their kids way. Everything can’t get handed to us
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Thanks for your input, however I’m not calling for a free hand out. When a loan gets to a certain point all the individual is paying is the interest not the money they needed for school. This idea is still holding the student responsible but giving them some flexibility to get on with the rest of their lives. Emphasizes that they need to have a good payment history not just walk off the graduation stage and out of debt.
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