In looking at student loan debt most people who owe, owe more in interest than the actual loans that were taken. Because we are having to make decisions to pay our bills rather than our debt, many of us are forbearing, deferring, or entering into an income driver repayment agreement, none of which stops interest from accruing. Therefore, the debt continues to grow to a point it becomes out of control or cannot be repaid in a reasonable amount of time.

Looking at those who owe student loan debt and the income situations which prevent the debt from being repaid. The average amount of student loan debt is $32,731, most borrowers owe between $25,000-$50,000. Those who hold a doctorate degree owe in excess of $100,000 in student loan debt, some are in excess of $200,000 in student loan debt. The average interest rate for student loans is between 2.75% - 5.8% that accrues monthly. You are welcome to do the math, but for $50,000 in student loan debt, that is approximately $1300 a month in interest, if the interest rate is at the lower end.

Americans are $1.5 Trillion dollars in student loan debt, the interest on that debt, if multiplied by the lower interest rate of 2.75% is approximately $41 billion dollars.
Many have addressed student loan forgiveness without success due to the impact financially on the Nation. President Joe Biden stated, people are having to make a decision to pay their bills or pay their student loans. He then offers a $10,000.00 student loan forgiveness across the board to those who have not paid their student loans. The argument often comes as, "what about those who have paid their debts?” Both statements, President Biden's and those who have paid their debt have validity. However, a debtor to student loans, I am fully aware that $10,000.00 will not solve the issues surrounding making decisions to pay bills or our student loan payments.
Is it realistic for America to bail us out? If they can bail the big corporate banks out, why can't they bail out the people?

Being there is such an argument surrounding forgiving student loan debt, the solution that would benefit everyone is forgiving and freezing the interest. For those who have paid their loans should receive a tax credit for the interest they have paid. This will not only save America a massive amount of money, it will allow Americans to attack their student loan debt aggressively and improve their credit ratings allowing them the freedom of living debt free or within the debt to income ratios that allows them to become live without the worry of making that decision, which President Biden discussed, pay our bills or pay our student loans.

Final - Student loan interest forgiveness and freezing interest, not allowing it to incur going forward, as well as giving a tax credit to those who have paid their interest will benefit all Americans who have been a victim of student loans due to wanting better for our future.