We’re over a year and a half from the 2020 elections, but there’s already over a dozen presidential candidates who are running, or considering running, for president.
Addressing the ongoing increase in student debt by steering students away from debt-financed degrees will be an important component of any student loan reform policy. But lawmakers will still have to address the $1.5 trillion in student loan debt that already exists. One idea to help borrowers contain the cost of student loan repayment would be a federal program that allows them to refinance their student loans – both federal loans and, potentially, private loans – at much lower interest rates.
Skeptics worry that if such reform was enacted, student debtors and recent graduates would flood the bankruptcy courts with petitions to discharge their student loans. However, advocates note that bankruptcy carries a lot of negative consequences – including social stigma and lasting credit damage – that would dissuade many people from immediately going the bankruptcy route.
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