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Proposal with a solution to student loan debt in America - Essay Example

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Many students do not meet the rising college costs and end up borrowing loans. The loans borrowed by the students are private; thus, cannot be…
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Proposal essay with a solution to student loan debt in America
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"Proposal with a solution to student loan debt in America"

Download file to see previous pages Of the outstanding debts, only 60% have plans of repaying while the rest either ask for loan forgiveness or default indicating that the students are in financial distress. The debt crisis in America calls for long term solutions. This will suggest solutions to the ever-increasing student debt crisis in America
Solutions to the student debt crisis lie with the federal government policies that address student loans and its associated problems. Several people proposed policies that are helpful in handling debt crisis among the American students. The proposed Responsible Student Loan Act should be implemented to help in dealing with the problem of debt crisis among the federal students. This Act was reset to include the percentage determined by the education secretary that covers administration and borrowers benefits. This plan focused on the interest rates that are related to the needs of the borrowers. It also sought to cap the federal subsidized loan by 6.8% while the unsubsidized loans and the parent loans capped at 8.25%. This Act also proposed that the education secretary in America should reissue the PLUS loans and the federal Stanford (Federal Reserve Bank of New York 102).
The US government should reform the bankruptcy code that is currently offering financial distress to the loan borrowers both at individual and business level. The code must reformation in order to allow the students and the business people to expunge their debts and restart their projects. The fresh start of their lives is difficult for the students with loan debts because the congress enacted legislation that prohibits discharging the federal students from their loans in the cases of bankruptcy. The 2005 act extended the undue hardship of the borrowers thus making students suffer highly from the financial debt crisis especially from the private loans. Furthermore, the bankruptcy codes prohibiting erasing of private loans from ...Download file to see next pagesRead More
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