Hey Everyone-
For the second time since winning the election, President Biden said last night that he can't cancel student loans by executive order and is apparently only endorsing a $10,000 legislative cancellation at this time. This is a far cry from him promising to eliminate the student loan debt of people who went to public colleges and earn less than $125,000.
I know a lot of people out there are angry to see him go back on his words before the election, particularly people on our petition and in our group, since the national conversation about cancelling loans by executive order started with this petition in March. You should be- and have every right to be angry. Right now it appears that he badly misled us, and many of us voted for him with the belief that he would cancel loans by executive order.
Don't despair. We got this.
The law is very clear on this, and we would not have started the petition if it wasn't. The Higher Education Act gives the Secretary of Education (and by extension, the President) ALL the authority needed to "compromise, waive, and release" the federal government's interest in all federally owned student loans. It's not just us saying this, btw. Scholars from both Yale and Harvard universities have written papers that clearly show this. So President Biden is WRONG!
Remember folks: Biden doesn't control the lending system. Ultimately, WE DO! No one is paying on their loans right now, and very few people- possibly NO ONE will resume paying if/when the repayment suspension is lifted. This lending system is finished. Done. Toast. By all rational metrics and measures. This was true even before the pandemic!
Remember also: We have very good bankruptcy legislation out now, and more to come. Getting this fundamental, constitutional right returned to us will inevitably lead to widespread loan cancellation, probably by executive order.
Now more than ever, growing the petition is what we need to do. Paste the link to it in at least 20 places today. Send this article to at least 5 conservatives. Think very carefully about coming to Boston the week of July 4th, and doing a 15-minute flash mob/student loan burning with us. If we can get 2-300 people to commit, this will be on the table. If you think you can make it, let us know.
Finally, please give the petition a boost, or make a personal gift to help us raise $150 for immediate expenses we need to cover.
This problem isn't going away. We aren't going away. We are getting stronger. Remember that, and please do your part. We are the pioneers in this fight and history and the Constitution is on OUR SIDE.
Best Regards,