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.

  840,953 of 900,000 Signatures

  Created by Natalia Abrams
• 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.

  1,207,403 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/

  244,380 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

  114,642 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.

  73,260 of 75,000 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.

  390,905 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.

  63,763 of 75,000 Signatures

  Created by StudentDebtCrisis.org
• Resist! Higher Education is a Public Good, NOT a Private Commodity

  We, the undersigned, stand in solidarity with the principle that higher education in America should be considered a public good, rather than a private commodity. We believe that solutions should immediately be found to the growing crisis of over $1.4 Trillion of existing student debt. Higher education benefits society as a whole, not just individual students, and because it has proven to boost our economy, it is imperative that we ease the burden of student debt so that every hard-working American can afford college. Those solutions should include student loan forgiveness, expansion of existing federal repayment plans and expansion of consumer protection laws that protect borrowers. This looming crisis needs to be addressed - and it needs to be addressed now. We believe that we need to reform the ways in which higher education is paid for in America. Wall street continues to play too large a role in the financing of higher education, while states continue to play too small a role. It’s time that states reaffirm their commitment to funding higher education across the country by reinvesting in this all-too-important public good and getting Wall Street out of higher education. We believe that everybody, regardless of background, geography, or financial status, should have equal access to quality, affordable higher education. All too often, where you come from or how much your parents earn, determines whether you can obtain a higher education. In 2017 America, there has got to be a better way. We should obtain this goal through debt-free college for all immediately, eliminating these barriers to obtaining a higher education. We believe in protecting the rights of all Americans on college campuses, regardless of race, religion, sexual orientation or gender identity. Equal rights means equal rights for ALL. We support the right of minorities to protest and to make their reasonable demands for equality heard. Whether we’re talking about protesting the Trump Administration’s recent immigration ban targeting people of the Muslim faith or the renewed focus on limiting the rights of transgendered people to use the bathroom of their choice, we believe that college campuses should be free spaces where everyone’s rights are protected and respected. We also believe that faculty have the right to speak out against these policies without fear of retribution. Finally, we believe in fair pay and a union voice for faculty, researchers and all staff. Access to quality, affordable higher education is wholly dependent on access to well-paid staff whose workplace rights are protected. We believe that this is what it means to be a progressive who supports higher education in America in 2017. We implore lawmakers to thoughtfully consider our demands and to legislate and regulate accordingly.

  24,915 of 25,000 Signatures

  Created by 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.

  24,777 of 25,000 Signatures

  Created by 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.

  11,082 of 15,000 Signatures

  Created by StudentDebtCrisis.org