Of the issues with the student loan industry. Name: Kevin State: -- I graduated in 1995 with a student loan debt of $50,000. I was in an income-based repayment plan that required a $0 per month repayment due to the size of my family and my family income as a Registered Nurse. I understood after 20 years of being in a repayment plan the balance of the loan would be forgiven with this plan. In my case the loan was sold to 4 different Student Loan companies and each time the account timeline restarted and the principal amount increased due to the amount owed plus the interest that had accrued meaning I couldn’t reach a 20 year mark and the amount owed grew exponentially. I now have a student loan debt of $350,000 due to an accruing interest rate of 8% which will add $27,720 this year alone. It’s a hopeless situation digging a perpetual hole which I will never be able repay and it will grow until I die. I did nothing wrong, I paid what I was Instructed to pay and I am now in a situation where with the rate this is growing and provided I live a normal life span I will have a personal student loan debt of over a MILLION dollars and that is just mine not the other millions of Americans facing the same or similar situation with Student Loan Debt. This is a National situation affecting everyone whether you have a student loan or not by facing way more issues than just the student loan crisis. It affects the ability to be more productive citizens as it affects our credit ratings and debt to income ratios. It is a hopeless situation as it stands today. I understand people in this situation are considered “dead beats who don’t pay their bills”. However, I pay all my bills and comply with the student loan IBR plan every month and have for over 24 years now which will never end until I die based on today’s laws and policies and impossible to be repaid with the compounding interest. This has become a death sentence at this point. Again, each time the loan changes lenders it resets with a new principal loan amount and begins accruing interest. In my case it was last sold 2010 at $295,000. I would like to point out that the people facing this situation are hardworking Americans and many are in professional fields. I am a Veteran and a Psychiatric Nurse Practitioner. Without the IBR plan my payment based on today’s amount would be 85% of my gross income for 20 years so I’m forced into the IBR plan as everyone else is in this situation. This means this debt will never be repaid at any point. Something must be done please. I understand even the student loan companies support something being done to eliminate debt as they hire people to constantly chase debt that under current laws cannot be eliminated without a “hardship” that I have been told by many attorneys is a demand that is near impossible to meet in bankruptcy court. Therefore, the companies keep pursuing money with no end in sight that is forever uncollectable and will remain on the books forever. I would like to reiterate once more that the people facing this situation are mostly hardworking Americans caught in a trap. You have an opportunity as our representative to address a National Crisis. You can offer help and hope to so many Americans everywhere living with never ending increasing Student Loan Debt. I believe in standing up for what I believe in and I offer my assistance in any way I may be of service.