Student Debt Crisis

Campaigns

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  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.

  1,282,418 of 1,300,000 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?

  676,940 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.

  1,208,834 of 1,300,000 Signatures

  Created by Student Debt Crisis
• 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!

  16,733 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.

  111,236 of 200,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• Don't Garnish Social Security to Pay Student Loan Debt!

  We can fix this. It doesn't even require an act of Congress. The Department of Education can declare a moratorium on garnishing Social Security benefits for student debt. We can make this happen—and bring relief to the many Social Security recipients still struggling to repay their student loans. Sponsored by: Student Debt Crisis AFL-CIO AFT AFSCME Alliance for Retired Americans Campaign for America's Future Center for Global Policy Solutions Common Cause Courage Campaign CREDO Daily Kos Democracy for America Demos Justice in Aging People For the American Way Project Springboard RootsAction Social Security Works The Nation The Other 98% The Zero Hour

  12,292 of 15,000 Signatures

  Created by StudentDebtCrisis.org
• 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/

  244,429 of 300,000 Signatures

  Created by Robert Applebaum, 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.

  390,967 of 400,000 Signatures

  Created by StudentDebtCrisis.org
• Let's Actually Make America Great Again! Forgive All Student Debt & Make Public Colleges FREE

  No 22-year-old should have to enter the real world already in a virtual debtors' prison. 43 MILLION AMERICANS are $1.3 TRILLION in debt because of student loans, and that amount increases by $3,000 every second. This is cruel and no other democracy pays for college like we do. Let's ACTUALLY make America great again!

  82 of 100 Signatures

  Created by StudentDebtCrisis.org
• Defend Student Loan Borrowers from Financial Crimes

  Seth Frotman, the federal government’s top student loan consumer watchdog just resigned. His letter of resignation blames the Trump administration for abandoning students and student loan borrowers at a time when exploding college costs and corporate malfeasance are harming Americans more than ever. As Student Loan Ombudsman at the CFPB, he worked tirelessly to hold big banks and student loan companies accountable. He remained dedicated to the mission of advocating for America’s 45 million student loan borrowers. Students, student loan borrowers, and their families rely on an independent, government agency to protect them from financial crimes. Since its creation, the CFPB has played a vital role in not only defending America’s consumers but defending the American Dream itself. From defending military families to holding bad-acting student loan servicers accountable and returning millions of dollars to Americans who fell victim to for-profit colleges, the CFPB has been consumer's strongest advocate. However, the actions being taken by the current administration are hurting student loan borrowers in the following ways: Preventing the enforcement of consumer protection laws - Recently appointed leaders at the CFPB have abandoned the Bureau’s commitment to fairly enforce the law. They folded under political pressure and stopped CFPB oversight of the largest student loan companies. By doing so they have undermined their own mission to oversee the student loan industry and put millions of borrowers at risk of being defrauded. Undermining the CFPB’s political independence - The CFPB’s recent actions have shown that its current leaders have prioritized the goals of the Trump administration over the interests of consumers and student loan borrowers. Recently, the Bureau blocked efforts to call attention to ways that the Trump administration was hurting families taken-advantage of by for-profit colleges. Those in government whose job it is to stand up for student loan borrowers are being silenced by political appointees. Weaking efforts to hold bad actors accountable - The current leadership at the CFPB has completely abandoned students and borrowers. When the nation’s biggest banks were accused of scamming students on campus, the Bureau’s new leaders tried to bury the information. These actions put into question the future of the lawsuit against student loan servicer Navient. Students will be left vulnerable to predatory practices while the CFPB turns a blind eye. We demand that Congress put a stop to the undermining of the CFPB by restoring the Bureau’s original principles: protecting consumers and students from bad actors, remaining independent from any administration, and enforcing the laws that hold these values in place.

  7,148 of 8,000 Signatures

  Created by StudentDebtCrisis.org