Student Debt Crisis

Campaigns

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  TELL JOE BIDEN: Cancel Student Debt by Executive Action

  COVID-19 has made crushing student debt exponentially worse for Americans -- Over 45 million people have student loan debt and many are struggling to get by during the pandemic. Canceling student debt would ensure that families can afford food, supplies, and medications if they face layoffs or smaller paychecks because of the pandemic. This is a matter of economic survival for millions of people. Student debt threatens the economic security of the entire country -- Before the COVID-19 pandemic, America’s $1.6 trillion student debt total was a major drag on the economy. Now, a pandemic-induced recession and record levels of unemployment are making the problem worse. Debt cancellation would stimulate the economy by boosting GDP by up to $108 billion a year and adding up to 1.5 million jobs per year. Research shows that student debt cancellation will help address inequities and reduce the wealth gap -- Black and brown communities carry a disproportionate student debt burden and are also facing the brunt of the impact of the pandemic. People of color carry more student loan debt, they face higher rates of lost hours and layoffs, and persistent systemic barriers have resulted in racial inequities in incomes and wealth. The pandemic has also caused a disproportionate number of women, and especially Latinx women, to leave the workforce. There is growing energy and bipartisan public support to enact student debt cancellation -- A recent poll showed a majority of voters support canceling student debt during the pandemic. It also found strong support from Democrats and Republicans. On top of that, over 1.3 million Student Debt Crisis supporters already signed a petition to cancel student debt to boost the economy in response to the COVID-19 pandemic since March. Joe Biden campaigned on student debt cancellation, but gridlock in Congress will make it difficult -- The Biden administration must do all that it can to keep that promise. In a recent resolution, Senators Chuck Schumer and Elizabeth Warren made clear that the president has the legal authority to direct the Secretary of Education to cancel student debt based on powers outlined in the Higher Education Act. Since the president has the power to cancel these debts, we urge Joe Biden to use executive action to cancel student debt.

  147,172 of 200,000 Signatures

  Created by Natalia Abrams
• Want a Real Economic Stimulus and Jobs Plan? Forgive Student Loan Debt!

  For over 30 years, the rich have gotten richer, the poor have gotten poorer, and the middle class is slowly but surely being squeezed out of existence. Instead of more of the same corporate welfare/"trickle-down" economics that have been an abysmal failure for the middle class, why not try a trickle-up approach to rebuilding our economy by targeting relief at those most likely to actually help grow the economy?

  677,103 of 700,000 Signatures

  Created by Robert Applebaum
• Support Student Loan Forgiveness

  Since 1980, average tuition for a 4-year college education has increased an astounding 800%. Since 1999, average student loan debt has shamefully increased by over 500%! In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America for the first time ever. In 2012, total outstanding student loan debt exceeded $1 Trillion. Today, we have over 1.3 TRILLION dollars in overall student loan debt and the number is climbing out-of-control. In short, student loan debt has become the fastest growing financial crisis in America. If we do absolutely nothing, the entire economy will eventually come crashing down again- just as it did when the housing bubble popped. This ever-growing crisis has put our country on an unsustainable course towards financial oblivion. As a result of more than 30 years of treating higher education as an individual commodity, rather than a public good and an investment in our collective future, those buried under the weight of their student loan debt are not buying homes or cars, not starting businesses or families, and they're not investing, inventing, innovating or otherwise engaged in any of the economically stimulative activities that we need all Americans to be engaged in. Student loan debt has an undeniable and significant effect on economic growth. Forgiving student loan debt directly addresses this enormous boot on the neck of the middle class. represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach. Therefore, we, the undersigned, respectfully request that Congress bring forward serious legislation to forgive student loan debt and commit to solving the student debt crisis this year.

  1,209,619 of 1,300,000 Signatures

  Created by Student Debt Crisis
• Support The Student Loan Fairness Act (H.R. 1330)!

  Student loan debt now exceeds $1 trillion. The debt burden now falls on 37 million Americans. Over recent decades, higher education has been treated as an individual commodity, rather than a public good or an investment in our collective future. As a result, millions are now buried under the weight of student debt and are putting off major purchases and life decisions. This has serious negative consequences for our economy and our future. This is NOT only a "young person's problem." At least 60% of the $1 Trillion is owed by Americans over the age of 30. In short, student loan debt has become the latest financial crisis in America. If we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped. But now, there is a solution: H.R. 1330 - The Student Loan Fairness Act - Introduced in the House of Representatives by Rep. Karen Bass (D-CA) and co-sponsored by Rep. Frederica Wilson (D-FL)! The Student Loan Fairness Act would create a new “10-10” standard for student loan repayment, in which an individual would be required to make ten years of payments at 10% of their discretionary income, after which, their remaining student loan debt would be forgiven. Further, this legislation would: • ensure low interest rates; • allow those eligible to convert their private loan debt into federal direct loans; • reward graduates for entering public service professions; • provide a lifeline for student borrowers who have fallen on difficult times; • encourage delinquent and defaulted borrowers to re-enter repayment; • replace the current, 10 year “Standard Repayment Plan” for the full amount of the loan balance with the “10-10” plan as the default repayment option for borrowers entering repayment. Student loan debt causes an undeniable and significant drag on the economy. The Student Loan Fairness Act directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach. Therefore, we, the undersigned, respectfully request that Congress vote Yes on H.R. 1330, the Student Loan Fairness Act and, thereafter, that President Obama sign this bill into law. To learn more about H.R. 1330, The Student Loan Fairness Act, please click here: http://studentdebtcrisis.org/hr1330/facts_faqs/

  244,521 of 300,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• 

  CONGRESS: Cancel Student Debt to Stimulate the Economy

  The Coronavirus pandemic is a health crisis like we have never seen before, and it is colliding with the economic crisis of this generation - student loan debt. Lost wages and medical costs will impact families across the country for weeks, months, and years to come. Adding the persistent burden of student debt is a recipe for an economic disaster for millions of everyday people. Labor shocks like those the pandemic are likely to cause will undoubtedly increase federal student loan defaults. Borrowers in default on federal student loans face having their tax refunds seized and wages garnished at a time when they can least afford it. We also call on lawmakers to immediately stop these actions that hit distressed borrowers the most. Canceling student debt in response to the Coronavirus crisis will help the 45 million people with student loans and stimulate the economy when it is needed most. It will allow borrowers to purchase the necessities their families depend on: food on their table, a roof over their head, and critical healthcare. In the long term, a student debt cancellation stimulus would help prevent or reduce the impacts of an upcoming recession. Student debt cancellation can boost GDP by up to $108 billion a year and would add up to 1.5 million jobs per year.

  1,306,886 of 1,400,000 Signatures

  Created by Natalia Abrams
• Tell The Senate: It’s Time To Pass Senator Elizabeth Warren’s Bank on Student Emergency Refinanci...

  To be delivered TUESDAY, JUNE 10th (THIS TUESDAY) There could be a vote as early as next week, so sign and share TODAY and tell the Senate NOW to vote YES on S2292! “This is TRULY an emergency” stated Senator Elizabeth Warren (D-MA) “The idea here is that we are going to lower the interest rate on OUTSTANDING student loans…Get people back on their feet, so they can pay their loans off sooner, so they can reduce their monthly payments and help families move forward. Help this economy move forward.” Senator Warren, along with two-dozen other Senators, introduced the Bank on Students Emergency Loan Refinancing Act. This bill would allow borrowers, like YOU, to refinance their federal and private student loans to a lower interest rate. This will save borrowers thousands of dollars over the life of their loan.

  54,663 of 75,000 Signatures

  Created by StudentDebtCrisis.org
• Defend Public Education - Vote NO on Betsy DeVos for Education Secretary

  The pressure to stop Trump's billionaire nominee for secretary of education, Betsy DeVos, from being confirmed is working. Two Republican senators, Susan Collins and Lisa Murkowski, just announced that they will oppose DeVos' confirmation. That means that we’re just ONE senator short—and that DeVos could be the first Trump nominee to be rejected by the Senate. But we need to keep up the pressure now more than ever to sway one more Republican and to hold the position of all of the senators who have announced opposition to DeVos. Betsy DeVos—Donald Trump's out-of-touch billionaire pick for secretary of education—is far more interested in dismantling our schools than in investing in them, and in demonizing teachers rather than treating them as allies in educating our children. 1. She has zero experience in public education. Almost all previous education secretaries had career experience in the field of education where they learned the skills necessary to improve schools in our communities. Betsy DeVos has none. 2. She has made no mention of the student debt crisis. She is doesn't know how everyday people are impacted by student loan debt and continues to ignore the trillion dollar problem. In fact, "little is known about her views on federal higher education policy," and she has little to no experience working with families who struggle to afford the rising cost of college. 3. She made her career advocating for taxpayer dollars to be taken away from resource-starved public schools. In fact, she wants to funnel your money into the pockets of private and for-profit education companies through voucher systems and charter schools. Her attacks on public schools and support for privatized education disproportionately impacts people of color and LGBTQ students, meaning less equal opportunities for ALL students nationwide. If you support public education, investing in our local schools, and ending America’s student debt crisis, DEMAND the Senate vote “no” on Betsy DeVos for Education Secretary.

  391,044 of 400,000 Signatures

  Created by StudentDebtCrisis.org
• It's Time to Break Up With Sallie Mae!

  In partnership with Jobs With Justice’s Debt-Free Future campaign. Secretary of Education Arne Duncan needs to hear from as many of us as possible that it's unacceptable for the Department of Education to be in business with a company taking advantage of taxpayers, students, members of the military and minority and low-income borrowers. The current contract actually stipulates that violating federal law is grounds for termination, but we know the agency won't act without massive public pressure. So far, Secretary Duncan has only instructed his department to review "what appropriate actions, if any" should be taken against Sallie Mae. Seriously? Tell Secretary Duncan there's just one appropriate action to take: Cancel the contract with Sallie Mae!

  17,921 of 20,000 Signatures

  Created by StudentDebtCrisis.org
• Lawmakers: STOP Accepting Campaign Cash from Sallie Mae

  Higher education in the U.S. is being hijacked by vast amounts of cash flooding the campaign coffers of those who purport to represent us. Thanks to endless lobbying and limitless cash that has been showered upon members of Congress, including and especially House Speaker John Boehner, student loans have been stripped of all basic consumer protections. As long as our leaders in Washington continue to line their pockets with Sallie Mae's money, student loan borrowers will continue to get the shaft.

  36,575 of 40,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• Tell Ellen DeGeneres to Dump The 'University' of Phoenix

  Figures from ForProfitU.org report that only 13% of those who enrolled in the for-profit University of Phoenix had received their bachelor’s degree as of 2012. Phoenix’s parent company Apollo Group received over $800 million in federal Pell Grants in 2013 -- the most of any college in the country. Meanwhile, The University of Phoenix has been the subject of numerous federal investigations, as well as by Attorneys General in a number of states around the country, for its practices and the quality of educations enrollees receive. Lastly, the National Center for Education Statistics reported Phoenix gets $12,000 per student in tuition but spends $1,600 on actual instruction. Ellen, the student loan debt crisis is threatening the American Dream for tens of millions of student loan borrowers. The University of Phoenix deserves not your seal of approval, but condemnation and derision. If you don’t believe us, talk to people we know who have paid for Phoenix about their experience and the quality of instruction they received. This is why we ask you to please, drop your partnership with The University of Phoenix immediately.

  24,788 of 25,000 Signatures

  Created by StudentDebtCrisis.org