Republican Rick Bart, the former Snohomish County Sheriff running for Congress in Northwest Washington's 2nd District against incumbent Rep. Rick Larsen (D-Arlington) has announced a new policy initiative. In a press release sent out Monday morning, Bart pledged to put forward legislation that would help college graduates ease the increasing burden of student loans.
"If elected," Bart said, "I would propose legislation that allows citizens who have seen their student loan balances balloon with penalties, fees, and accrued interest for 7 years or more a window of opportunity to repay what they originally borrowed and move on with their lives.
"Most borrowers wind up paying back double, triple, or far more than the original debt- all under the protection of law," he acknowledged. "The reason for this is that nearly all standard consumer protections have been removed for student loans. This includes bankruptcy protections, refinancing rights, statutes of limitations, and even 'Truth in Lending' requirements. Combine this with the fact that the law allows for lenders to garnish borrowers wages, their income tax returns, and even their Social Security and disability benefits, and one can see how the student loan system is ruining the lives of people."
Bart blames the bloated influence of lobbyists for the loan situation, and believes this policy would give students more confidence to enter college and improve their quality of life.
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