MAKE STUDENT LOANS FAIR AGAIN!
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In 1998, Congress removed bankruptcy rights from student loans for no good reason. This created a predatory, inflationary lending system where the government profits over $50 billion per year on the lending system, and even profits on defaulted loans- a defining hallmark of a predatory lending system-
The founding fathers of this country, who themselves were abused badly by British banks and merchants, called for a uniform bankruptcy system ahead of the power to declare war, coin currency, and raise an army when they gave Congress its powers in the Constitution. They believed Americans should be treated equally, and allowed to flourish in our economy. The student loan debacle proves that they were right.
No one wants to do something as unpleasant and stigmatizing as filing for bankruptcy. However, it is clear that the absence of this constitutional right has created a predatory lending system with catastrophic consequences. This is unacceptable, indefensible and intolerable.
HR 2366 is a bipartisan bill that will UNDO what Congress did. Our elected representatives in both parties are starting to realize the drag these loans are having on our economy, and the emotional and financial toll this is having on student loan borrowers. Plainly put, this bill will ensure that student loans are again treated the same as all other loans in bankruptcy proceedings.
The cost of returning bankruptcy rights to student loans is estimated to be $3 Billion per year- far less than the annual profit on the system.
Voting HR 2366 into law is an ethical and just choice. It is the right thing to do. Please help us change the present law: Sign our petition, contact your representative.
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