Student Debt Crisis

Campaigns

• 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!

  16,687 of 20,000 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/

  244,333 of 300,000 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

  114,610 of 200,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• 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.

  54,627 of 75,000 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.

  7,097 of 8,000 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!

  17,902 of 20,000 Signatures

  Created by StudentDebtCrisis.org
• 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?

  676,736 of 700,000 Signatures

  Created by Robert Applebaum
• 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.

  111,218 of 200,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• Investigate Betsy DeVos for Civil Rights Violations, Corruption, and Student Loan Abuses.

  Education Secretary Betsy DeVos must be investigated for: CIVIL RIGHTS VIOLATIONS - Betsy DeVos ordered the Office of Civil Rights to dismiss thousands of cases that were backlogged and rolled back Title IX rules that have a major impact on women and LGBTQ students. CORRUPTION - Betsy DeVos dismantled the unit that investigates fraud at for-profit colleges just weeks after hiring former for-profit college officials to sit in top positions at the Department of Education. ILLEGALLY DELAYED LOAN FORGIVENESS - Betsy DeVos intentionally delayed debt relief for students defrauded by shutdown for-profit schools. The Inspector General urged the Department to move on a backlog of debt relief claims, but many people are still waiting for their applications to be reviewed. CONFLICT OF INTEREST - Betsy DeVos used the Department to award a multi-million dollar student loan debt collection contract to a private company with financial ties to DeVos. The contract was canceled after growing pressure. Make no mistake, this isn’t the only investigation that matters. The Inspector General has been called to investigate the Education Department for illegally using Americans’ financial data. Auditors are also looking into misuse of tax dollars by Scott Pruitt, the head of the Environmental Protection Agency. In fact, Inspectors General are currently investigating at least five cabinet officials for ethics violations. Abuse of power, in any form, cannot be ignored. The Inspector General must perform a thorough review of Betsy DeVos’ internal emails, policy documents, meeting agendas, guest lists, and more. No one is above the law. Now is the time to investigate Education Secretary Betsy DeVos.

  11,037 of 15,000 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.

  390,857 of 400,000 Signatures

  Created by StudentDebtCrisis.org