Americans Against the Cancellation of Student Loan Debt

The blanket cancellation of $10,000 of student loan debt of borrowers making less than $125,000 per year is a detriment to loan process and a gross misuse of the public’s tax dollars. Per the Penn Wharton Budget Model, this decision will cost taxpayers around $300 billion, charging individuals from all walks of life and educational backgrounds for the schooling of those that still owe debt for their collegiate endeavors.

Not only will the removal of debt most likely excite the public into a spending spree which will further heat up the economy and thus continue to drive inflation upwards, it will be the ultimate support of irresponsibility and money-mismanagement. Those who have paid their student loans in full and made life-altering changes to their lifestyles and futures will be punished for their responsibility with no recompense for the money they are out that others had forgiven.

Helping those in need is important, and there are plenty of payback programs that the government can explore without providing blanket forgiveness to all debtors. This decision goes against economic logic and is being used as a political ploy. We the people should no longer be the subjects of the governments unfair and unjust use of our money. The collegiate system, including the monetary loan mechanism directly associated, is broken. However, this loan cancellation plan is not the remedy.

By signing this petition you are doing the following:

-          Expressing your stark disapproval of the forgiveness of $10,000 in student loan debt for borrowers making less than $125,000 per year

-          Requesting the immediate cancellation of this decision

-          Stating that if the government continues with loan forgiveness decision, the government should also payout the up to the maximum of $10,000 to all living collegiate graduates that either

a)       Have responsibly paid off their student loans in their entirety

Or

b)      Have paid off a portion of their student loans to the point where they owe less than the amount being forgiven ($10,000)

(Please note: If a class-action lawsuit against any portion of the United States Federal Government occurs as a result of this petition, any and all signees will still have the option to opt in or out of said lawsuit.)