WE, THE UNDERSIGNED, call upon the United States Congress to take steps to implement a series of reforms, in order to redress the inequitable student loan debt practices in America today.
THESE REFORM MEASURES WILL:
* Repeal the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which made
private student loans non-dischargeable in bankruptcy.
* Reinstate the Truth In Lending Act and other NYS consumer protections on student loans, which were eliminated by HEA amendments of 1998.
* Limit to 15%, monthly income that can be attached or seized by all lenders.
* Implement a cap on interest rates on all student loans: Federal at 2.5%, Private at 3.5%
* Freeze college tuition rates for five-year terms.
* Suspend interest on all federal loans until 6 months after graduation.
* Allow a percentage of each monthly payment on a student loan to go towards paying down the principle, not just the interest, and allow opportunity to refinance any student loan.
* Absolutely no income tax charges on loan forgiveness