Everyone:
I just sent this letter to the White House. Please write your own, and say something similar. Also, retweet this.
History favors the bold. Be Bold. Strength in Numbers-
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Mr. President-
Before the election, you said you would “eliminate” federal student loans for people who went to public colleges and earned less than $125,000 per year, and that you were endorsing a bankruptcy plan that included both returning bankruptcy rights to all student loans, and an executive order- on Day One- directing the Department of Education to stop opposing borrowers in bankruptcy court.
You have blatantly gone back on your word. Day One and your first 100 days passed with no action. Instead, you have gone out of your way to insult the 45.4 million federal student loan borrowers, most of whom voted for you in the expectation that you were a man of your word.
Vanishingly few went to Harvard or Penn. Nearly half never graduated. Over half are over the age of 35, with people over 50 outnumbering people under 25, and owing far more.
Before the pandemic, more than half were unable to make payments at all. 80% were underwater. Those in “Red States” like Georgia, Texas, Florida, and others owed more than their entire state budget in student debt. It is no stretch to say that defaults were going to exceed 75%.
What are defaults going to be now, post-Covid? 80%? 85%? Higher? The default rate for sub-prime mortgages was a mere 20%.
Mr. President, you need to acknowledge what everyone- including your staff- knows: This is a CATASTROPHICALLY FAILED SYSTEM BY ALL RATIONAL METRICS.
Your key role in removing bankruptcy from student loans going back to the 70’s makes this your legacy.
Enough.
If you fail to- at a minimum- issue that executive order returning bankruptcy bankruptcy rights to student loans by July 4th, I will burn my loan papers, and urge everyone I know to do the same.
You should simply erase all federally owned loans. This will not require one dime from Treasury, or add even a penny to the national debt.
You owe us. We will not be “conquered and enslaved” by debt. (John Adams’ words, not mine).
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Come on folks. Time to stand up for yourself, for the tens of millions of student loan borrowers, and the hundreds of millions who will follow in our footsteps.
We're the pioneers in this fight...the tip of the spear-