Immediately reduce the student loan payments for millions of Americans by ensuring that the American government does not profit one cent from its educational loan servicing and that students get the same interest rates as the wealthiest bank. Any profit that the government does realize will go into reducing rates the following year until profit is zero.
Explore a blanket partial reduction in the principal of school loans, especially for recent graduates with the largest debt levels—the “Bailout for the People”—and forgiveness for debt beyond a certain period after graduation.
Propose the 10×10 Student Loan Emancipation Act, a plan by which the federal government would buy student loan debt (negotiated rate with the private lenders) and allow students to opt into a plan to repay it through pledging 10% of their salary per year for ten years, after which the balance would be forgiven.
Ask schools to forgive in part or in whole the debts of those who do not graduate.
Initiate a program that allows graduates to pay a percent of income instead of a fixed amount.
Establish a commission that will explore debt forgiveness or reduction for students who sought degrees under false pretenses.
Change bankruptcy laws to make it easier to discharge educational debt.
Expand a program that forgives the debt of graduates who work in rural areas or with underprivileged populations.
Close schools with high loan default rates and consistently low employment placement success.
Police and prosecute all marketing representations of schools that might induce enrollment under false pretenses.
Allow student loan debt to be discharged through bankruptcy, thus forcing lenders to work with students in good faith to find workable repayment plans.