“Canceling Student Loans Now”
Alan Collinge of the Student Loan Justice Org. has a petition supporting the cancellation of Student Loan Debt.
If we can bail out corporations again, why not bailing out people with excessive student loan debt?
The student loan justice.org is counting on you and needs your help with “President Trump: Cancel Student Loans NOW.” Join student loan justice.org and the 116,064 signers of the petition calling for President Trump to cancel student loan debt.
President Trump is currently enacting economic stimulus measures in face of impending recession. He has no great options. The Fed Funds Rate is already close to zero. Taxes on corporations and the wealthy have already been cut to the bone. Suspending interest on student loans won’t hurt the economy, but won’t really help either. The measures that have been announced so far will add significantly to the national debt, or require an increase in taxes.
The president should immediately issue an executive order cancelling all of the loans that the federal government holds directly- about 85% of all student debt. This could be done without having to raise one dime in new tax revenue, or adding a penny to the national debt.
Angry Bear has posted Alan’s words over the years on Student Loans and the resulting Student Loan debt to which there is no bankruptcy relief, unless one gets some reputed IVA like moorcroft group help to seek for assistance with the debts; the same relief our president has enjoyed multiple times, abused by corporations who gambled on Wall Street and in every day business, unions, and ordinary citizens caught up in bad economies. There is a large economic potential in freeing them from the loan debt so as to be more productive.
Read it and if you can spare a signature, please add your name.
“Not sure what happened between last night and this morning, but we’ve added around 40,000 signatures to our petition in the last 7 hours! We’re now approaching 170,000 signatures.”
Alan Collinge
Alan informed me there was a surge after we posted his request for signatures, they are now near 200,000 signatures.
Recently resigned Chief Operating Officer of the federal student loan system last week, Wayne Johnson informed Alan the actual numbers of student loan holders in distress is 80% and not the 65% he thought. Four of 5 student loan borrowers will never be able to pay off their student loans. Presently, they are in default, forbearance, deferment, delinquency, or their balance continues to rise despite their making payments.