Encourage student loan payment
There has to be a compromise on student loan debt. Why not take an individual’s total student debt and calculate a minimum payment. Payment would be based on their annual income. The payment would be such that the person would not be financially constrained to make the payment.
If the person makes a payment equal to or greater than the minimum payment, the entire payment will be used to reduce the debt. No interest would be added to the debt. If the individual fails to make the minimum payment, interest would be added to the debt. This would give anyone with student loan debt a way to repay the loan.
It encourages everyone with student loan debt to make the minimum payment. No amount is remitted. Anyone with student loans could visualize a time when they will have no student loan debt.
Victor Chandler, Eagle Lake
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