From Gerald H. Podraza

Candidate 45th Illinois Senate District

To the Editor:

Over a recent 10 year period Federal Reserve kept interest rates very low, .0% - 1.9% or so.

Businesses invested in machinery, home owners refinanced mortgages, people bought new vehicles at .0% or a tiny bit above. Farmers upgraded farm machinery with new purchases.

We lost money on any savings in checking and savings accounts, .25% if lucky.

Investors who had 401Ks and stock portfolio accrued handsome increases.

Businesses who had became illiquid during pandemic were able to declare bankruptcy.

Holders of student loans were frozen in a debilitating financial condition, unable for the most part to re-negotiate high interest loans nor permitted to declare bankruptcy.

Conditions outlined above more than justify redress for holders of student loans.