Section 1: Short Title
This act may be cited as the "Student Loan Relief and Accountability Act or #GetItPaidAct of [Year]."
Section 2: Reduction of Student Loan Debt
Implement a comprehensive plan to reduce student loan debt by 75% for eligible individuals.
Divide the responsibility for loan repayment between the college or university, the student, and the employer.
Section 3: College or University Responsibility
Allocate 50% (2/4ths) of the student loan debt to the college or university.
In cases where graduates are unable to find employment utilizing their degrees, the college or university will assume full responsibility for the allocated portion of the debt.
If graduates are employed in their field of study, the college or university will contribute 25% (1/4th) of the allocated debt.
Section 4: Student Responsibility
Hold students accountable for 50% (2/4ths) of the original student loan debt.
Prohibit the use of government tax money to pay off student loan debt.
Establish income-based repayment plans to facilitate manageable repayment for students based on their individual financial circumstances.
Section 5: Employer Responsibility
Mandate that employers contribute 25% (1/4th) of the allocated student loan debt if the graduate is employed in a position directly related to their degree.
Allow employers to claim tax write-offs for the portion of the debt they contribute until the debt is fully paid off.
Section 6: Loan Forgiveness Restrictions
Prohibit government-sponsored student loan forgiveness programs.
Emphasize personal responsibility and encourage individuals to fulfill their loan obligations through the established repayment plans.
Section 7: Implementation and Administration
Assign the responsibility for implementing and administering the provisions of this act to an appropriate federal agency or department.
Develop guidelines, procedures, and oversight mechanisms to ensure compliance and prevent abuse.
Section 8: Public Awareness and Education
Launch public awareness campaigns to inform students, colleges and universities, employers, and the general public about the provisions and benefits of this law.
Provide resources and guidance to students to help them understand their rights and responsibilities related to student loan repayment.
Section 9: Effective Date
Determine the effective date of the law upon passage, allowing a reasonable timeframe for stakeholders to adapt to the new requirements and comply with the provisions. (Not for military students as they fall under the GI Bill)