For the government and lenders, reduce the burden of college loan debt on students

Simplify the financial aid application for college students.
Reduce the number of questions on the student loan application form to simplify it. Commercial lenders and the government can also standardize application questions for federal and private loans. This will help students choose the best loan to apply for.

Adopt a software package that uses the family’s tax returns to fill in the loan application form.
Students who qualify for federal or state aid can use software that combines the loan application with an annual tax return. The software can use the parents’ tax returns to autofill the needed information in the loan form.

Encourage families to start saving for college earlier to avoid loans.
School counselors can have meetings with parents and their 8th-grade children to offer families the option of directly depositing money into college savings account monthly. Government can offer families $100 to jumpstart their college savings plan.