“With millions of Americans under water with crushing student loan debt, our future is at risk and we must act now,” said State Senator Adriano Espaillat. “I applaud President Obama’s leadership in trying to prevent interest rates on student loans from doubling this summer and for taking measures to help those struggling with college debt. However, we simply must do more. We need a bold, new plan to address the crushing student loan debt that is holding back growth, stifling careers of young Americans, and preventing communities across the country from moving forward.”
Mr. Espaillat, a Washington Heights lawmaker embarking on a fierce primary against longtime Rep. Charlie Rangel, calls for a deferment on all student loan payments for the first five years after graduation, implement a five percent cap on the amount of income that can go towards student loan payments, and eliminate loan payments for young people who go to work in the non-profits and social service sectors.
“There are now more Americans with student loan debt, than credit card debt. Instead of nibbling around the edges, as Congress has been doing, our plan will aggressively attack this problem and bring Americans the relief they deserve,” Senator Espaillat said.
Follow David Freedlander via RSS.