Petition Closed


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Department of Education is allowing student loan graduates to be interest gauged with no end insight. Using my situation as an example, I have a $51,000.00 student loan balance, last months draft looked like this: Interest paid $246.34 & amount to principle $69.66. The Department of Education's obvious nickel and diming through interest capitalization, subsidized and unsubsidized confusion, a deferment, and participating for year in the income contingent plan.... my balance today, after 3 1/2 years of perfect payments, is higher than the day I graduated due to accrued interest. We have no problem paying back money I borrowed; however, at this rate I will be 88 years old! Most of us may not make it to our eighties; therefore it is inevitable that some funds will need to be written off. Do our average credit scores a favor and write the capitalized interest off NOW.


Letter to
U.S. House of Representatives
U.S. Senate
and 1 other
President of the United States
When then President George W. Bush was elected to office in 2004, he advised Americans to get degrees if we wanted to make more money. I followed his advice and it was an epic fail. I now find myself overwhelmed in $55,000.00 in debt, the inability to purchase a home, and a Bachelors of Science in Business Management; however, working an hourly paying job complete with a time clock. In order to work toward a solution to the 2004 Presidential misguided advice, our elected officials must recognize the problem and lower the interest rates, particularly students price gauged by for profit colleges.

The Income Contingent Plan, interest rate, and the daily accrual mix together to an unacceptable, predatory, and malicious act in gaining thousands of dollars, targeted against millions of today’s graduates. Many graduates are stuck in the Income Contingent Repayment plan because they cannot afford to make higher monthly payments; therefore, they are trapped.

We do not believe the money we borrowed should not be paid back; we simply agree that adjustments must be made to the interest rates for us to live with the naivety of our past and our trust in the Executive Branch. The current practice, unnecessary gauging of graduates through interest is unethical, heartless, and deceitful. This road to failure program is leaving us feel trapped, hopeless, and bitter.

We know you would never burden your children with massive debt from college because you know the consequences: lower credit scores, inability to be extended credit (a home purchase), limited job prospects, high rates on everything from insurance to utility bills.

Please address the student loan failure. Please also address the unethical, cynical, and corrupt practices that many "for profit" colleges utilized from 2000 to 2008. For example: guaranteeing student loan approval to new students, walking students through the steps to ensure the FAFSA deposits(into the college bank account) are the maximum allowed by classification, structuring student schedules based around profit instead of accomplishment resulting in students taking more classes than necessary, passing incompetent students in order to get the next buck (class), and holding students degrees hostage while demanding "exit fee's" in excess of $1,700.00. These are a few I witnessed; however, this list goes on.