Student loans allow students to get an education that might not be affordable otherwise. Many take on debt for career opportunities that a college degree provides. Currently student loan debt in America hails at over one trillion dollars. Surpassing credit card debt and automobile debt.
Yet, escalating tuition costs coupled with interest is preventing many from enjoying the quality of life that a college education was supposed to provide. Many are finding it difficult to keep up with the loan payments. Falling behind on payments and wrecking their credit as a result.
The Student Loan Fairness Act wants to help. The SLFA would forgive student debt if they have paid 10% of their discretionary income for 10 years towards their student debt. Interest rates would cap on federal student loans at 3.4%. Also, people can have their debt forgiven in 5 years for working in the public service sector.
The Student Loan Forgiveness (Fairness) Act is an attempt to help. Read more info > click here.
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