Support the Student Loan Forgiveness Act
  • Petitioned Democratic Leadership

This petition was delivered to:

Democratic Leadership

Support the Student Loan Forgiveness Act

    1. Sponsored by

      <span>CREDO Action</span>

It is time for an update on the fight to address the crushing student debt crisis.

First, some good news. We temporarily stopped the interest rate of federal student loans from doubling thanks to your activism. CREDO Action members signed over 320,000 of our petitions to lawmakers, made nearly 4,000 phone calls at crucial moments in the campaign that helped get the attention of key decision makers in Congress. Hundreds more wrote thoughtful letters to editors of their local papers.

Although Congress didn't pass the indefinite extension of lower student interest rates that we pushed for, it did pass legislation that delayed the doubling of interest rates on federally subsidized student loans for one year.

This was a step in the right direction as it provided millions of America's working class students and their families much needed immediate relief, making sure they are not going to incur additional financial stress in the current fragile economy.

But unfortunately, we haven't even started to make a dent in the student loan crisis -- we merely stopped Republicans from making it much worse. Since 1999, the average student loan debt has increased by 511 percent. That's 511 percent in just 13 years!

There is a bill that would indefinitely set the federal student loan interest rate at 3.4 percent and forgive student loans for hardworking American taxpayers who have already paid 10 percent of their discretionary income for ten years. And because massive student loan debt suppresses economic growth by prohibiting many college graduates from starting a business, buying a home or starting a family, the bill would also provide much needed stimulus for the economy.

Tell the Democratic Leadership: Support the Student Loan Forgiveness Act.

The Student Loan Forgiveness Act would make student loan repayment both simple and fair by capping federal student loan interest rates, converting private student loan debt into federal loan programs, and allowing graduates who have paid at least 10 percent of their discretionary income for ten years to have the balance of their federal student loan debt forgiven.

Forgiving debt, reducing loan repayment burdens and cutting fees and interest rates would increase the purchasing power of millions of Americans and help stimulate the economy.

However, this won't be easy. In order to have a shot at passing real reform of the student loan system, we need support from Democratic leadership to build momentum for the Student Loan Forgiveness Act.

Tell the Democratic Leadership: Support the Student Loan Forgiveness Act.

The short-term extension of low interest rates on federally subsidized student loans was a welcome move, but it is the equivalent of putting a band-aid on a massive head wound. Settling for a mere one-year extension means that we will be right back where we started next spring as a deadline looms for doubling the interest rates on federal student loans. To make matters worse, we will have neither the leverage of voter outrage in an election year to force extremist Republicans to the negotiating table or the promise of a strong youth vote turnout to motivate Democrats to stand up and fight for the real reform our country needs.

If the Democrats in Washington are serious about advancing a long-term solution to our student loan crisis and end what has been called a "modern-day indentured servitude," they need to embrace real solutions like the Student Loan Forgiveness Act that frees students who have paid their fair share from the increasingly outrageous burden of student debt and helps stimulate the economy at the same time.

Let's speak up on behalf of our students today.

To:
Democratic Leadership
Student loans have surpassed $1 trillion and now Americans owe more in student debt than in credit card debt. It's time to address the crushing student debt crisis. Support the Student Loan Forgiveness Act.

Sincerely,
[Your name]

Recent signatures

    News

    1. Reached 5,000 signatures

    Supporters

    Reasons for signing

    • Gloria Wittum CHICAGO, IL
      • about 2 years ago

      This is simply the smart and just thing to do.

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    • D D ROHNERT PARK, CA
      • about 2 years ago

      This affects many people--the interest rate of 6.8% is extremely high and extremely unfair to young people.

      REPORT THIS COMMENT:
    • Alyssa Brock BOSTON, MA
      • over 2 years ago

      I am 74,000 dollars in debt and because of this I cannot complete my bachelor degree in graphic design. Ive been working full time in retail which covers rent and bills but not so much with loan repayment. Living in the city makes the job market super competitive and most graphic design jobs require a college degree. I feel quite stuck.

      I just tried to get an apartment with my boyfriend, and neither of us could get cosigners for it, my family because of my debt. The bitter disappointment and guilt I feel is unimaginable.

      I have been pushing for this bill since I first heard about it. I think this should have been a law a long time ago, and that it would be the best solution for education and the economy. I need it to happen. I could go back to school and finish my degree, start my graphic design career, and live happily with my boyfriend. And that's all I really want.

      REPORT THIS COMMENT:

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