How I would handle the student loan debt issue if I were POTUS

(I’m sure it would still piss everyone off, but I really don’t GAF)

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If I were the President of the United States, I definitely would not announce a plan to just wipe out everyone’s federal student loans, because that obviously went over like a fart in church all through the land. The screamers screamed, the yellers yelled, the whiners whined…I got a migraine thinking about it.

Instead, I think all the loans get refinanced by whatever sleazy federal institution wrote them up in the first place.

The new loan would have the predatory interest rates wiped away. The new amount would be the original principal + a reasonable FLAT interest rate (I’ll use 5% in my imaginary story, i guess). This would be sufficient for the newest loans, those with only a few payments (or none) made. Any payments already made will be credited to the borrower’s account, reducing what they owe.

Everyone would still be responsible for paying back what they borrowed, +5%. Because people SHOULD pay back their debt. Full-stop.

Now, let’s talk about the OTHER people. The people who have been making payments for years, only to never see the balance go down on their principal. Or the ones who are 30 years out, have paid back more than they borrowed, and still owe almost as…