Student Debt Crisis

Campaigns

• 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.

  1,209,732 of 1,300,000 Signatures

  Created by Student Debt Crisis
• 

  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.

  1,307,625 of 1,400,000 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?

  677,146 of 700,000 Signatures

  Created by Robert Applebaum
• 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.

  391,052 of 400,000 Signatures

  Created by StudentDebtCrisis.org
• Reject Trump's Education Budget

  Trump’s education budget hurts students, borrowers and their families, here's how: ✖︎ ENDS the Public Service Loan Forgiveness program designed to promote the careers that benefit our communities most. ✖︎ CUTS $200 billion from student aid programs over the next decade. ✖︎ ELIMINATES subsidized loans that keep interest costs down. ✖︎ REPLACES all income-driven repayment programs with a new program, created by Trump, that significantly increases costs for graduate students. The Trump-DeVos budget is the final nail in the coffin for current, former and future students. Since Trump appointed Betsy DeVos to lead the Education Department, the two billionaires have unleashed a destructive student loan agenda that harms families across the country.

  63,824 of 75,000 Signatures

  Created by StudentDebtCrisis.org
• 

  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.

  147,636 of 200,000 Signatures

  Created by Natalia Abrams
• Tell the Department of Education to Fire Sallie Mae/Navient

  Mounting evidence shows that Navient - a spin off from Sallie Mae - has been ripping off federal student loan borrowers for many years. Yet, the Department of Education continues to reward companies like Sallie Mae/Navient with MULTI-MILLION DOLLAR contracts. Simply put, these corporations get richer as student loan borrowers suffer. Secretary of Education John King needs to hear from as many Americans as possible that it is unacceptable for the Department of Education to be in business with a company that takes unfair advantage of taxpayers, students, members of the military, as well as minority and low-income borrowers. The current contract stipulates that violating federal law is grounds for termination. Sallie Mae/Navient was fined by the federal government $93 million for “unlawfully overcharging” America’s troops and veterans. Obviously, it is time to fire Sallie Mae/Navient- but, the Department of Education won't act without massive public pressure. Tell Secretary King to fire Sallie Mae/Navient!

  16,792 of 20,000 Signatures

  Created by StudentDebtCrisis.org
• Don't Raise the Interest Rates on Student Loans!

  Right now, Federal Unsubsidized Stafford Loans have a fixed rate of 6.8% and Federal Subsidized Stafford Loans have a fixed interest rate of 3.4% - much higher than the rate at which the big banks and the government can borrow money. Despite this fact, President Obama's new budget proposal suggests eliminating those caps in favor of tying interest rates on student loans to the whims of the market, plus a few more percentage points for good measure. This might sound like a good idea now, while interest rates are at historic lows, but there's only one way for interest rates to go: UP. Without a cap on Federal Stafford Loans, future borrowers will see the cost of college rise by thousands of dollars simply due to the interest on student loans, never mind the continually skyrocketing costs of tuition. This gimmick is unfair to students and does nothing to address the $1 Trillion worth of outstanding student debt that is already burying 37 Million Americans. Shouldn't we be encouraging higher education by keeping interest rates low? President Obama and Congress stood firm on this point last year, and they should again this year. With the July 1 deadline threatening to jack up costs by $1,000 per loan per borrower, we don’t have time to wait for a long term plan that may or may not kick in by then. We demand that interest rates on Federal Stafford Loans remain capped at 3.4% - a rate that is already much higher than for any other type of commercial transaction in America.

  111,311 of 200,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• Congress: Pass Comprehensive Student Debt Reform NOW!

  Comprehensive student loan reform would free up hundreds of millions of dollars currently being used to service debt, to be spent on ailing sectors of the economy, providing a real jump-start to economic growth and prosperity. Such reforms would put the American Dream back in reach for millions of Americans, unleashing a new era of entrepreneurship, investment and innovation for all. The question is not whether we can afford to make such reforms, but whether we can afford not to. At a time when the big banks can borrow from the federal government at near-zero percent interest rates, what sense does it make to force students to borrow exorbitant sums of money at outrageously high interest rates, just to obtain an education? If we, as a society, deem it so necessary to invest in the big banks with such sweetheart deals, why do we find it so difficult to find the political will to invest in our own people? Among the reforms that we, the undersigned, believe should be implemented include, but are not limited to: * Restoration of basic consumer protections, such as bankruptcy rights and statutes of limitations on the collections of student loan debt; * The right to refinance student loans so as to allow borrowers to take advantage of historically low interest rates; * Elimination of the $2,500 cap on the deductibility of student loan interest paid; * Elimination of the practice of interest capitalization on student loan debt; * The ability to consolidate private student loans with federal loans; and * Making all federal and private student loans eligible for income-driven repayment programs, such as Pay As You Earn, that limits payments to ten percent of income and provides forgiveness after 20 years; There is no shortage of good ideas, but a serious shortage of political will to address this ever-growing crisis. Along with any additional legislation that may be required, we, the undersigned, demand hearings and action on the following pending bills: * The Student Loan Fairness Act (H.R. 1330) - Rep. Bass * The Private Student Loan Bankruptcy Fairness Act (H.R. 532) - Rep. Cohen * The Student Loan Affordability Act (S. 707) - Sen. Reed * The Student Loan Default Prevention Act (H.R. 618) - Rep. Michaud * The Know Before You Owe Private Student Loan Act (S. 113) - Sen. Durbin * The Student Loan Employment Benefits Act (H.R. 395) - Rep. Israel * The Student Loan Interest Deduction Act (H.R. 1527) - Rep. Rangel * Responsible Student Loan Solutions Act (S. 909/H.R. 1946) - Sen. Reed/Rep. Tierney * The Student Loan Relief Act (S. 953) - Sen. Reed * The Federal Student Loan Refinancing Act (S. 1066) - Sen. Gillibrand * Refinancing Education Funding to Invest for the Future Act (S.1266 ) - Sen. Brown * Proprietary Institution of Higher Education Accountability Act (H.R.1928) – Rep. DeLauro * Smarter Borrowing Act (S. 546) - Sen. Harkin * Fairness for Struggling Students Act of 2013 (S. 114) – Sen. Durbin * Bank on Students Loan Fairness Act (S. 897/ H.R. 1979) – Sen. Warren/ Rep. Tierney * Students First Act of 2013 (S. 406) – Sen. Lautenberg

  114,757 of 200,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• Restore Basic Consumer Protections to Student Loans, Support the Student Borrowers' Bill of Rights!

  Student debt is treated more harshly than any other type of debt in America. Unlike your mortgage, business, credit card or even gambling debts, student loan debt cannot be discharged in bankruptcy and there is no statute of limitations on the collections of student loan debt. As a result, more than 40 Million Americans are buried under approximately $1.2 Trillion worth of student debt and more than 7 Million of those people have defaulted on their student loans, causing major financial hardships from which there is almost no escape. We believe that it is extremely important to level the playing field and start treating student loan debt just as any other type of unsecured debt in America. Rep. Frederica Wilson (D-FL) has introduced H.R. 3892, The Student Borrowers' Bill of Rights, to right these wrongs. The bill seeks to restore bankruptcy protections to student loans, restore the statute of limitations on the collections of student loan debt, prohibit the suspension of professional licenses for those who default, and prohibit the automatic garnishment of wages, Social Security benefits and tax refunds for defaulted borrowers. The bill further seeks to treat loan forgiveness under various repayment options as non-taxable income, provide partial loan forgiveness for those in public service careers after five years, and enable borrowers to pay down their education debt using educational savings plans. The legislation establishes four core rights— (1) to basic consumer protections, (2) to reasonable and flexible repayment options, (3) to meaningful earned degrees, and (4) to effective loan cancellation following the completion of public service—which, combined, will help guarantee a level playing field for America’s student borrowers.

  73,305 of 75,000 Signatures

  Created by Robert Applebaum