Hope your weekend is going well. The letter to the college presidents went out yesterday (a week later than planned due to some technical difficulties). But they will be receiving them tomorrow in all likelihood. I will paste the text of the letter below, and ask those of you who sent us email addresses (about 100) to consider following up with a note of your own. It would also be helpful if you did not send us your college president's email address to send this note to your college's president (and please let us know that you did so we know).
And folks, I do still need to request a bit of nominal financial support from you all. The fundraising over the past week has been great, having garnered us nearly $400. We are still facing immediate liabilities, however, of about the same amount. So please consider stepping up at:
am with a grassroots, citizen's group, Studentloanjustice.org. I am
writing to you today to ask for your consideration on a problem that is
affecting your alumni, and millions of citizens across the country:
Student Loan Debt.
As I hope you are aware, student loan debt
is the only type of loan in this nation's history to be specifically
exempted from standard bankruptcy protection. It has also been
similarly vacated of statutes of limitations, and Truth in Lending, Fair
Debt Collection, and even state usury laws have been taken away either
wholly or in part from student loans. At the same time, collection
powers have been created that make defaulted loans more profitable than
healthy loans for collection companies, guarantors, and even the federal
government in many cases.
You have probably noticed
demonstrations in your community or on your campus by the citizens
decrying the rising tuitions, and have been forced to explain publicly
painful budgeting decisions that did not satisfy the students or their
families (both those who borrow, and those who pay out of pocket). Many
are now calling for the erasure of student loan debt, and some are even
calling for a Debt Strike, the consequences of which no one can predict.
We, however, are not making such sweeping proposals. This problem was
enabled by the removal of bankruptcy protections at the root, and this
problem should be solvable, or at least can be stabilized, by returning,
at a minimum, the standard bankruptcy protections that should never
have been removed. This is a proposal that every western economist I am
aware of -including Adam Smith himself- would agree with, if asked.
So we are asking you to take leadership for the sake of your students
on this issue at long last. Please call publicly for the return of standard
bankruptcy protections to student loans, not as an easy "out" for
distressed borrowers, but as a systemically critical free market
mechanism that must exist for every loan, public or private! We feel
this is a reasonable middle ground to take, and by taking leadership
here, you will be doing right by your students in a way that is
significant, and will be appreciated, not ridiculed, by the students,
their families, and the alumnae.
I would suggest strongly that
you not listen solely to the various beltway groups (many claiming to be grassroots) who have been
betting against the citizens on this issue for years in making your
determinations. I ask that you talk with your alumni associations, and
your resident economists. They will be far less biased, and far fairer
assayers of this situation, I suspect.
Thank you for your consideration. We are, of course, happy to discuss this request at your convenience.
253 617 3407