Elizabeth Warren recently introduced a bill in Congress. My hope was that in reading the text of the bill, we would find something about returning bankruptcy protections to all student loans. Unfortunately, there was nothing in the bill towards this end, and nothing in the press releases surrounding the introduction of the legislation. The bill, which would dramatically reduce the interest rate charged to future students, makes alot of sense, but it does nothing to return protections that should never have been removed (bankruptcy protections, most notably). As such, the bill will do nothing to decrease the price of college, nothing to fix the structurally predatory nature of the debt, and nothing to decrease the amount of debt being put upon students.
So we have to give this bill a pass, and are working with Sen. Warren's office to get something better out the door in the coming months.
There is alot that you can do here. In particular, please consider the following:
1. Make a nominal donation to our organization. This is actually the least important of the three actions, but because of our critical funding situation currently, I need to make this the top priority. Please consider a donation, however small. Our needs are very small, so small donations from everyone would solve this very quickly. Thank you.
2. Sign our petition.
3. Get with your state chapter. We have 51 state chapters set up now on Facebook, and they need your participation. Please check out the main page of our website to find yours: http://www.studentloanjustice.org
That is it for now, people. Please take this seriously. It's your debt. Your future, and we are you, as you are we.
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