Student Borrower Fairness Bill

It is an honorable goal for a person to attempt to better themselves through education. The federal government has made a commitment to our students by making student loans easily available to most. However, the federal government has not provided for many students who find themselves then burdened by crippling student debt. We find that this in unacceptable.

As such, we request our legislators to introduce and to pass a bill which will do the following:

(1) Require that lenders of student loans can collect no more than 25\% of original principal balance on any student loan. Such an amount would be considered loan sharking in other circumstances and should be deemed so particularly in this circumstance.

(2) Require that lenders of student loans allow repayment of any student loan without interest for those in bankruptcy. Additionally, the lenders should be required to apply to principal any interest paid at any time during the life of a student loan for a student loan in bankruptcy.

(3) Require that the lenders of student loans allow repayment of any student loan without interest for those students who, due to financial hardship, enroll in approved financial/credit counseling programs.

(3) Require that lenders of student loans cannot knowingly send a debt to collections with a disreputable company.

(4) Require that no federal lender of student loans can provide funds to those persons residing in the U.S. who cannot provide documentation of legally residing here.

We ask this in the spirit of showing a concern and care for the future of this nation, lest there rise a nation of debtors from the honorable desire of obtaining education.