HR 2028
  • Petitioned Rep. Lamar Smith (R-TX),

This petition was delivered to:

Chairman of the House Judicial Committee
Rep. Lamar Smith (R-TX),

HR 2028

    1. Rae Roca
    2. Petition by

      Rae Roca

      Arlington, VA

HR2028, The Private Student Loan Bankruptcy Fairness Act of 2011, is currently stalled on the committee level by Mr. Smith. This bill is important because it would amend title 11 of the United States Code to modify the dischargeability of debts for certain educational payments and loans--in other words, the bill would allow for student loan debt to once again be discharged through bankruptcy.

As student loan borrowers face nearly $3trillion in debt, are met with record unemployment upon graduation and face the largest amount of student loan debt in history, it is becoming more and more impossible to deal with private lenders such as SLM Corp (Sallie Mae), CitiBank, Great Lakes and others to make realistic plans for repayment. Many of these companies refuse to consolidate loans, have unfixed interest rates often well above 10% and can sell your loans at any time for any reason which would also change the original terms of your loan. In short, predatory lending practices coupled with the worst economic situation since the Great Depression allow for little assistance to those who are drowning in student loan debt right now.

It is imperative that our elected officials do all they can to help mitigate the burden of educational debt now, as the sub-prime student loan bubble could burst at any moment.

Please sign the petition and urge Rep. Smith to schedule a hearing for HR2028 TODAY! We cannot afford to wait another day without the help that we so desperately need.

@LoanReformNow
@owsStudentDebt

Recent signatures

    News

    1. Reached 500 signatures
    2. We still need 9627 signatures to reach our goal!

      Rae Roca
      Petition Organizer

      We learned last week through Change.org petitions, we can really send the student loan companies shaking in their boots---so why can't we do the same with legislators who are holding our financial futures hostage? Please circulate this petition to get HR2028 out of its stalled committee status so that we can have a say in how much we need bankruptcy protections for private student loans! Thank you for your help and please remind your friends and family members to sign the petition!

    3. 250 signatures! But we still need your help to spread the word

      Rae Roca
      Petition Organizer

      Thank you for taking the time to sign the petition for this important issue. But, we still need more help circulating and getting more signatures ASAP. If we can schedule hearings before the June/July time period when interest rates are scheduled to increase, we have the opportunity to really affect change. Thank you again!

    4. Reached 250 signatures

    Supporters

    Reasons for signing

    • Michael Keating FALLS, PA
      • over 2 years ago

      I still owe 28,000 after 2 years and 4 months of repayment.

      11.25% Int 4200$ with 1200 capitalized interest. Unacceptable

      I make my payments and THEN SOME (think 100 dollars extra a week) and still can't get ahead.

      REPORT THIS COMMENT:
      • over 2 years ago

      Because I want everyone to have a future!

      REPORT THIS COMMENT:
    • Cami Winter SPOKANE VALLEY, WA
      • over 2 years ago

      Owe 20 year old student loans from an "accredited school" that closed it's doors and got bankruptcy protection. I have never benefitted from the "schooling". My debt has doubled and is now more than a years salary. I will never be able to pay off. My child will be stuck with this debt burden which I will NOT allow!

      REPORT THIS COMMENT:
    • Kieran Turner N. HOLLYWOOD, CA
      • over 2 years ago

      I am drowning in student loan debt and am near homeless.

      REPORT THIS COMMENT:
    • Patrick McKernan NASHUA, NH
      • over 2 years ago

      Fed student loan collection is highly abusive and a waste of tax resources.

      REPORT THIS COMMENT:

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