I have listened to members of the Republican party carefully explain to this ignorant person that any effort to bail out students who owe money to the government for the crime of going to college will result in the collapse of American society. The current level of student loans has now reached $1.1 Trillion–no, not billion, trillion. President Obama issued an Executive Order that allows any student who borrowed money between 2008-2011 to refinance their loan agreement at a lower rate. They will ONLY have to pay at a 10% after tax rate, and any money still owed after 20 years will be forgiven. For some strange reason this common sense approach will not go into effect until December, 2015. Please do not ask me why the delay, one must remember that we are not dealing with banks or Wall Street folk who need the money–NOW!
Let me offer another solution:
Any person who took out a student loan should be given the option to declare self to be a bank. Once officially a bank, the individual can request a government bail out and not pay anything. Or, the former student can declare self to be a Wall Street stock broker and get a bail out. In other words, instead of students paying the government, the government would pay the students!