It is estimated that for every dollar our government makes available for student loans such as Stafford loans and Pell grants, colleges and universities raise their tuitions sixty cents. These schools are not building new classrooms or hiring more professors, they raise tuitions just because they can. The worst offenders are private colleges with high tuition and admission rates, although some of these schools also increase their student financial aid programs. About 48 million Americans now collectively owe nearly $1.75 trillion in student loan debt, preventing many from buying homes or starting families. Student loans are not forgivable in bankruptcy proceedings unless a borrower can prove repayment would impose undue hardship on them and their dependents.

Due to the economic challenges created by the pandemic, the Biden Administration has extended the student loan repayment pause several times, but loan payments resumed in 2023. Our Education Dept. will provide up to $20,000 in debt relief to Pell Grant recipients and up to $10,000 in debt relief to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households. In addition, borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness program. When president, Biden enacted several programs totaling $4.8 billion in student loan debt relief for 80,300 borrowers. However, for those unable to qualify for forgiveness, student loans continue to be a substantial hardship.

Proposed Legislation: Reintroduction of H.R.5710 - Student Loan Refinancing and Recalculation Act (18th Congress 2023-2024)
Prospective Sponsor: Rep. John Garamendi (CA)

• I oppose reforming current student loan policy and wish to donate resources to the campaign committee of Speaker Mike Johnson (LA) .
• I support:
  1.) Establishing a program to refinance the outstanding principal, interest and late charges on federal student loans in order to give borrowers fixed interest rates equal to the 10-year Treasury note rate plus one percentage point.
  
  2.) Eliminating origination fees on these loans.
  
  3.) Allowing borrowers in medical or dental internship or residency programs to defer student loan payments until the completion of their programs.
  
  And wish to donate resources to the campaign committee of Rep. John Garamendi (CA) and/or to an advocate group currently working with this issue.