Tell Congress to Support the Student Loan Forgiveness Act

Tell Congress to Support the Student Loan Forgiveness Act
StudentDebtCrisis.org
March 27, 2013

Take two minutes to make your voice heard! 

Total outstanding student loan debt in America has passed the $1 trillion mark. Exceeding credit card and auto debt, it is the only kind of debt that actually increased during the "Great Recession."

Reclaim the American Dream for more than 37 million student loan borrowers: As Congress to 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 percent 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: The Student Loan Fairness Act (H.R. 1330), 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 percent 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.

Click here to sign the petition requesting that  that Congress vote YES on the Student Loan Fairness Act and, thereafter, that President Obama sign this bill into law.

Resources

  • Learn more about the Student Loan Fairness Act from StudentDebtCrisis.org in this fact sheet.
     
  • Read the Center for American Progress' 2013 report on the student loan criss in America, The Student Debt Crisis.
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