-- Hear our Fox News Interview (6/30/23) --

Student Loans can be cancelled with nothing needed from the Treasury, and nothing added to the national debt.

We call on President Biden to cancel all federally owned loans by executive order. We also call on both the President and Congress to return standard bankruptcy rights to ALL student loans, by executive order and through Congress.

Since 2020, Trillions in stimulus (including PPP loans that don't need to be repaid) required money to be drawn from the Treasury, and added to the national debt. However, the President can cancel $1.3 Trillion in federally owned student loans with $0 needed from the Treasury, and $0 added to the national debt. He can also order the Department of Education to stop opposing student loan borrowers in bankruptcy court.

Before the pandemic, 45.4 million people were holding federal student loans, 85% were either not paying (58.9%), or were paying but their balances were going up. Today, student debt in over one-third of U.S. states exceeds their total annual budgets. Older people outnumber younger people with student debt, and they owe 3 times more, despite having borrowed far less. The default rate for 2004 students is 40%, but they borrowed less than a third of what is borrowed today. The default rate for current borrowers will likely exceed 75%. This is roughly four times higher than the default rate for sub-prime home mortgages. By all rational metrics, this is now a catastrophically failed, and nationally threatening lending system.

We do not have to take this.

For the national good, the federal student loan program must be ended and replaced with a more rational, less expensive & socially destructive model for educating the citizenry.

THIS PETITION NEEDS MORE THAN JUST YOUR SIGNATURE TO SUCCEED:

Join us on Facebook, Twitter, and join your State Chapter.
Do the daily action.
Call both of your senators and your House Rep & tell them to return standard bankruptcy rights to student loans
Tell your local media to report on the petition.
Give it a boost.

We will succeed when you do your part!

Check out the recent media we've been featured in.

Petition created by Alan Collinge, founder of StudentLoanJustice.Org and author of The Student Loan Scam (Beacon Press). Contact

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