A New Approach to the Student Debt Crisis
  • Petitioned Congress

This petition was delivered to:

Congress

A New Approach to the Student Debt Crisis

    1. Brian Ransdell
    2. Petition by

      Brian Ransdell

      Dallas, TX

Student debt in the United States has surpassed $1 trillion and continues to grow. It now exceeds the national average of credit card debt for the first time in American history. According to a report called "Student Debt and the Class of 2010" done by the Institute for College Access & Success, two-thirds of seniors graduated with student debt in 2010 at a national average of $25,250. The unemployment rate for young college graduates in 2010 was 9.1 percent.

I want Congress to insert an exemption to Section 170 of the tax code that would allow for donations to student debt to be defined as charitable contributions, and therefore be deductible from income. Everybody wins in this equation, the debtor gains ground on their student debt, the donor gets a tax write-off, and the economy gets stronger. I am not proposing a bailout or loan forgiveness. I am asking you to help me persuade Congress to reward a person or business that wishes to lift the economy from the chains of student debt by making a charitable contribution.  Corporations give hundreds of millions of dollars annually to charity because it lowers their taxable income.  In fact, in 2010 alone, the five corporations who gave the most in cash donations collectively gave over $1.26 BILLION.  They would be smart to give a portion of that to the student debtor population who will turn around and pump it right back into the economy.  First, however, there must be incentives in place, and it will take action from Congress to put them there.

Right now so many millions of young, educated, future leaders of America are putting off home ownership, starting a family, or saving for retirement to pay their student debt.  With these changes we could help them and simultaneously lift the economy.

For more information on student debt go to projectonstudentdebt.org.  Lastly, please take the time to share this petition with your friends and family.

Recent signatures

    News

    1. Reached 100 signatures
    2. Reached 50 signatures

    Supporters

    Reasons for signing

    • Anna Patterson ROYAL PALM BEACH, FL
      • about 1 year ago

      I am a student.

      REPORT THIS COMMENT:
    • hunter lynch AUSTIN, TX
      • almost 2 years ago

      a student having to struggle money issues while attending school, and is going to have to deal with the debt from school with many years to come

      REPORT THIS COMMENT:
    • Yewande Olabumuyi TUCSON, AZ
      • about 2 years ago

      Because I'm a student and this is a voluntary way for corporations to help students pay their debts through charitable contributions; and without having the issue of tax payers having to pay for the cost of debt forgiveness.

      REPORT THIS COMMENT:
    • Nancy Mandowa HOLLYWOOD, FL
      • over 2 years ago

      The big banks should be the first to contribute!

      REPORT THIS COMMENT:
    • Michelle Parsons HAW RIVER, NC
      • over 2 years ago

      I have a graduate degree in biosciences but it came at a cost. My parents are not rich and I was not clever enough to get scholarships (not dumb either but there are people better than myself). I don't mind paying from some college loans but I spend over 1000 per month which means I will never own a home much less have children. I have been diligent in paying for 5+years but I can't help but realize that many countries cover the cost of higher education.

      I love my degree and would never change it to a degree that is more high paying. Some day my research in diseases may benefit the world.

      I hope the government finds a solution that releases some of the strain of these student loans (not all) as I could see paying some loan repayments.

      REPORT THIS COMMENT:

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