HENRICO, VA – Today the Republican nominee for the 4th Congressional District of Virginia, Sheriff Mike Wade, joined onto a policy push by State Senator Tom Garrett (GOP Nominee from the Virginia’s 5th Congressional District), which targets the growing issues of student loan repayment and Social Security solvency.
Originating from Albemarle County GOP Chairman Elliott Harding, the proposal – called Student Security - would allow individuals with student loan debt to seek forgiveness in exchange for accepting an older age of retirement. This would save our social security trust fund much needed resources and alleviate the crushing effects of our nation’s student debt problem.
Speaking on the proposal, Sheriff Wade said:
“I am excited to join with Senator Tom Garrett in addressing these critical issues and I look forward to working with him to get it through Congress. This policy is geared towards helping the most under-represented generation in our nation today – millennials. Far too many millennials graduate college having been promised access to the American Dream, only to find that the policies over the past 8 years have left them with fewer job opportunities, higher taxes and a crushing amount of student loan debt. This debt often leaves them unable to buy a home, start a new business or start a family. Far too many millennials have had to move back into their parents’ home after graduating as a result of bad policies from Washington.
Unlike my opponent and Democrats in Washington whose only solution seems to be adding to our national debt by making college free and providing blanket forgiveness of student loans – I don’t believe in bailouts or handouts. Student Security is a commonsense solution that grants forgiveness for student debt in exchange for giving up a small portion of their future retirement benefits, saving much needed taxpayer resources.
In the proposal for every $10,000 in forgiven student debt forgiveness, individuals would extend their retirement age by 1-2 years. The program would cap out at $100,000 in loan forgiveness or a 15-year delay in retirement benefits. According to recent Social Security Administration estimates – annual retirement benefits average at $16,000 per year. With social security consuming a massive 25% of our annual federal budget and more people retiring than are joining the workforce – the trust fund faces insolvency within a matter of years. Student Security will address that gap while at the same time allowing more millennials to become established and greater contributors to our economy and communities.
One of the key components to Student Security is the capping of tuition rates while addressing the federal governments ever-increasing role in the loan industry. With the government guaranteeing these loans without calling on and working with colleges to keep the costs low – these universities will often raise their rates arbitrarily and unnecessarily which the student doesn’t feel immediately as the government is the one paying the bill. They definitely feel it when they graduate saddled with 10’s of thousands in debt as a result of these failed policies.
This is an issue we as a country must address. For the first time in our nation’s history, the next generation doesn’t feel as if they will have access to the same opportunity as the one that came before them and the majority of millennials don’t believe that social security will be around for them when they retire. We need commonsense conservative solutions like Student Security to address the critical issues – and I look forward to joining other leaders like Senator Garrett in Washington to get the job done!”
To view more details on Student Security visit: http://www.millennialascent.com/garrett-leads-millennial-crusade-to-address-student-loan-debt-entitlement-reform/
Wade is currently the Sheriff of Henrico County.