As it stands in 2015, Discover does not offer any type of flexible or income-based repayment plan. 

 

Why is this important? 

- Discover currently determines its monthly minimum for graduates in repayment based on how much they owe total. That is it. 

- They do not take into account the person's current situation such as income, living arrangement, expected family contribution, etc. 

- The only reduced payment option they offer can be used for a maximum of one calendar year, after which the person in repayment must pay (what Discover determines to be) the "full" monthly rate. This can end up being an exorbitant amount of money - over half of the person's income, in some cases. Again, they are not basing it on anything other than the total owed that they see in front of them.

- This leaves the borrower with little hope, flexibility, or options. They either have to give up their living situation, borrow from friends or family, or enter forbearance or bankruptcy. These payments are impossible for some. 

- A repayment plan that works with the borrower and takes their situation into account such as an income-based repayment plan (in which the company may only request an amount based on what percentage of the borrower's total income it occupies) is humane and necessary. 

 

Bottom Line: 

Young, hardworking people not born into privilege should not be punished for going to a good school that their family alone could not afford. Universities that operate as corporations gauge these students with astronomical tuition rates, leaving them no other option to turn to but a private loan. 

 

Who Am I?: 

My name is Liz Arcury, and you can read my story here: 

http://lizarcury.tumblr.com/post/124022798198/discover-is-inhumane-help-me-change-that

 

Thank you, and please share this petition with your friends. It is a small step towards a larger solution that could change thousands of young lives.