This petition closed about 1 year ago
---------------This video was produced in 2008, some statistics have since changed.---------------
-The cost of College has increased at double, or triple the rate of inflation for decades. Today, the average undergraduate borrower will leave school with about $30,000 in debt.
-National debt has eclipsed $1 Trillion
-Where all other types of lending have decreased in the current economy, student loan borrowing is accelerating.
-It is more lucrative for the lending system- likely including the federal government- for loans to default rather than remain in good stead
-Citizens are being forced "off the grid" by this predatory debt instrument. Many are fleeing the country, several suicides have been documented.
-In the absence of bankruptcy protections, statutes of limitations, refinancing rights, and other bedrock consumer protections, the threat this debt poses, and the harm it inflicts in so many ways upon the citizenry will only increase. So, too, will the price of college, which harms borrowers, and non-borrowers alike.
-Congress created this problem by removing bankruptcy protections, statutes of limitations, refinancing rights, and other standard consumer protections. Congress can, therefore, easily fix this problem by, at a minimum, returning the standard bankruptcy protections that should never have been taken away.
If you are concerned about the high price of college, if you are saddled with unmanageable, predatory student loan debt. If you have cosigned for student loans, or if you just care about the nation's ability to educate it's citizens, you should sign this petition.
Please see http://www.studentloanjustice.org for more information.