I usually do not comment on non football related posts, but this is a topic that I am very passionate about and feel there is a simple solution that is not being discussed. First off, I am not a democrat and I am not a Republican. I do not believe in party systems or base my opinion on what a party wants so this is coming from a place of non bias. I have worked for 3 different Universities in financial aid over the past 14 years. The student loan system is completely broken, but it can be fixed. I do not believe in broad student loan forgiveness, but I have an alternative solution to help people that would most likely not cause mass chaos. Unfortunately, student loans and how they work are not properly explained across the board and they are way too easy to obtain

First, we start with taking everyone’s student loan principle balance on 12/31/22 and do not apply any future interest to these loans. Let’s say a borrower owes 50K in student loan. We put them on a 360 month payment plan starting June 1 2023 to give them 6 months to find a second job or to save a bit to start paying. Make it just like a mortgage and they pay off the principle balance

Next, the government needs to create an entrance test for all students starting college or starting a new semester after 1/1/23. Before these students can start classes, they need to take a very detailed exam and pass it to prove a thorough understanding in student loans. They should need to know the exact amount of debt they will be accumulating, the exact interest, how compound interest works and have fixed rates so they know exactly how much they will be paying coming out or school. They will also need to realize the added amounts based on the number of classes they fail how that will increase tuition. Colleges should not be allowed to increase tuition once a student begins for that particular student and they should be grandfathered in to the cost that is placed on the entrance test.
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