 It is time for the renewal of the Higher Education Authorization Act that gets renewed every five or seven years. So the discussion of financial aid, the design of financial aid is going to be in the air during this congressional session. I developed this proposal to reform student loan repayment. We found that the discourse around student debt doesn't really match the numbers. The numbers that we see in the papers are by far the outliers. What we found were that 69% of undergraduates are going to borrow less than $10,000 a year. We next looked at characteristics of who is defaulting on student loans, and what we found really surprisingly was that it's not the biggest loans that people are defaulting on. They're actually smaller loans. All this adds up to what we interpreted as a problem in the way that we structure the repayments of student loans. College education pays off over your entire lifetime. Yet the payments are concentrated in the first 10 years after you graduate college, which is when former students' earnings tend to be lowest and most variable. So we proposed spreading it out over 25 years. That would allow for much smaller payments in each year. We also proposed that the payments flex automatically with people's earnings. Automatic repayment that's linked to income is the norm in many countries. If you suffer a bout of unemployment, you wouldn't have to go do an application and submit it to your student loan servicer in order to get the forgiveness. People who are having economic problems, that's probably the time in their lives that they have the least capacity to handle piles of paperwork. They should be looking for a job. What I sought to do with the student loan proposal was to try to find some ways that we can alter loan policy that would be a win-win, and that would make life better, especially for people who are currently in repayment.