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Student Loan Relief and Accountability Act or #GetItPaidAct

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)

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