Tom Garrett plan would tie student loan repayment, Social Security

Fifth District Republican congressional nominee Tom Garrett introduced a proposal targeting the growing crisis of student loan repayment and Social Security solvency.

Originally crafted by Albemarle County Republican Committee Chairman Elliott Harding, the plan would provide the opportunity for people to accept an older age of retirement for immediate student loan forgiveness.

In a release explaining the details of his plan, Garrett said:

“I call it Student Security. This plan is effectively geared towards the most under-represented generation in this country. What we are seeing is kids finishing college so overwhelmed by student loan debt that they are unable to start families, buy mortgages, or properly invest in small business markets – which is alarming because this is one of the most innovative generations we have ever seen. The effects of this dilemma are widespread throughout the national economy.”

“In contrast to Democratic Presidential candidates Hillary Clinton and Bernie Sanders’ plan for free college, Garrett responded, “This isn’t free college, it’s a sacrifice. They can choose to eliminate their debt, but they’ll be giving up the right to receive more money in the long run. Unlike other plans, this isn’t a bailout or a handout.”

Student Security, according to Garrett, would ensure that for every $10,000 in student loan forgiveness, individuals would extend their Social Security retirement age between 1-2 years, with the program capping out at $100,000 – or a 15-year delay in entitlement benefits.

Recent Social Security Administration figures average the annual benefits for individuals at $16,000 per year. By these numbers, the immediate and long-term savings by the government would increase exponentially across the board.

Further, this plan calls for fighting the ongoing tuition hikes while creating more accountability for the federal government’s overreaching prominence in the loan industry.

In terms of the Social Security crisis at hand, Garrett said, “We are looking at nearly 25% of the annual national budget spent on a flawed pay-as-you-go retirement system. With more people retiring than people we have in the workforce, we will be facing insolvency in a matter of years. This plan addresses that gap while assisting our younger workforce in the process.”

Garrett is currently a representative on the Virginia Senate Education and Health Committee.