Student Debt Crisis

Campaigns

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  TELL JOE BIDEN: Cancel Student Debt on Day One

  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 on day one.

  138,058 of 200,000 Signatures

  Created by Natalia Abrams
• 

  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.

  1,304,525 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?

  677,033 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.

  391,039 of 400,000 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.

  111,287 of 200,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org
• Demand Congress defend the Consumer Financial Protection Bureau - #DefendCFPB

  UPDATE 11/27/17 The Consumer Financial Protection Bureau (CFPB) is under attack. Last Friday, Director Richard Cordray stepped down. Following secession protocol that was set up by Congress, Deputy Director, Leandra English became the Acting Director. In an unprecedented move, Donald Trump appointed his own Acting Director of the CFPB, OMB Director, Mick Mulvaney. Now the bureau has TWO DIRECTORS and it is up to the courts to decide who will run the CFPB until a new permanent director is appointed and approved by Congress. We stand with Acting Director, Leandra English and applaud her for her years of dedication to the Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau fights for students and student loan borrowers. The CFPB has returned nearly $12 billion in relief to over 29 million Americans wronged by big banks, credit card companies, and predatory student loan servicers. Supporting students and student loan borrowers is central to The Consumer Financial Protection Bureau’s mission. For years, families dealt with the impact of a dangerously deregulated student loan industry. As a result, more than 43 Million Americans are buried under $1.4 Trillion worth of student debt. Unchecked student loan companies caused families major hardships forcing them to carry the burden of college costs for life. Fortunately, the CFPB is an independent federal agency dedicated to holding these companies accountable. The CFPB is the first line of defense for defrauded borrowers. Recently, the Bureau filed three lawsuits against Navient, the nation’s largest student loan servicer, accusing the corporate giant of countless abuses - including overcharging borrowers and ruining the credit scores of veterans. The CFPB also shut down illegal student debt relief companies and challenged the deceptive practices of for-profit colleges, like ITT Tech. To date, millions of dollars in relief have been returned to those impacted by these predatory businesses. The Consumer Financial Protection Bureau continues to take important strides to defend students - we must do our part to defend the CFPB. We believe it is extremely important to level the playing field for ALL consumers. Student loan borrowers depend on the CFPB to ensure that their interests are defended against bad actors in the student loan industry. We urge Congress to oppose any efforts to weaken the Consumer Financial Protection Bureau and its critically important role and to reject any attempts to unseat their effective Acting Director, Leandra English who has been a powerful advocate for students and consumers everywhere. All Americans, including more than 43 million with student loans, must be able to count on a strong, independent Consumer Financial Protection Bureau.

  35,387 of 40,000 Signatures

  Created by 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.

  73,287 of 75,000 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.

  1,209,389 of 1,300,000 Signatures

  Created by Student Debt Crisis
• 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.

  24,967 of 25,000 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/

  244,505 of 300,000 Signatures

  Created by Robert Applebaum, StudentDebtCrisis.org