President Biden: Cancel student loans in the first 100 days.

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Trillions could be injected into the economy with no tax money needed, and nothing added to the national debt.  

The federal student loan program has gone horribly awry.  Before the Pandemic,  45.4 million people held federal student loans and over 80% of them were either unable to pay, or were paying but their balances were going up.  Nineteen U.S. states owe more in student loans than their entire state budgets. People over 50 years old outnumber people under 25 with student loans and owe 3 times more, despite having borrowed far less.  The default rate for 2004 students is 40%, and they took out less than a third of what today's students have to borrow.   The default rate for current borrowers will likely exceed 75%.  This is more than four times the default rate of sub-prime home mortgages.  By all reasonable metrics, this is now a catastrophically failed, and nationally threatening lending system.

We do not have to take this.

The President and Secretary of Education have all the authority needed to cancel all federally owned student loans- about 85% of all student debt. Nothing would be added to the national debt, and no congressional approval or appropriation is needed.  This is, by far, the least expensive, and most expedient way to inject trillions into the economy.

We call on President Biden to do this in his first 100 days in office, and replace this failed lending system with a less expensive, and more state-friendly funding model for higher education in this country.  We also call on the President and Congress to return standard bankruptcy protections to ALL student loans, by executive order and through legislation.

Analysts have predicted that cancelling student loans will increase GDP by over $100 billion for the next ten years, but they do not take into account the new borrowing that enable people to buy homes, start businesses, etc. This would be another $1 Trillion injected into the economy in the near and medium term.  Some experts even believe that debt cancellation is the only way to avoid a depression.

This is not a partisan problem.  More than half of all student loan borrowers identify as being politically independent, or republican. "Red" states are being hurt significantly worse than "Blue" states.   

Claims that cancelling loans will largely benefit people who don't need it are wrong.  All borrowers were determined to be "financially needy" as a condition for federal loans. More than 40% never graduated.   The most successful student loan borrowers tend to refinance their loans out of the federal system, so they won't benefit.

Rest assured, the taxpayers will be fine.  The federal government has been profiting wildly on these loans for many years, and the Department of Education has even been making a profit on defaulted loans for decades.  On balance, the taxpayer will have very little- if any- loss when these loans are cancelled.

This is YOUR PETITION.  It requires more than your signature to succeed.  Please get everyone you know to sign, paste the link to it across social media platforms, and tell your local media to report on it.  Also: Give it a boost, and follow us on Twitter. Taking all of these actions will help tremendously!

THE SUCCESS OF THIS PETITION DEPENDS ENTIRELY UPON YOUR EFFORT.  PLEASE...DO YOUR PART.

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