Re: [atheists-36] Support the Student Loan Forgiveness Act

From: Norma Jeane Y.
Sent on: Sunday, July 29, 2012 2:41 AM
(I'm not familiar with "SIL."  What does it stand for?)  Because; as the article below says, the interest has increased 500% -- & a mere "job"--even a professional one commensurate with the education is not gonna enable a student to pay it back in any reasonable way.  (I had student loans & paid them off 30 years ago; however, it was a "whole different world" then!)  The interest & penalties compounded would increase faster than a student could pay them off.  And-- t's unconscionable to put such a heavy burden on the next generation when Wall Street, with all of their Billions had help.  The students shouldn't be penalized with such an unjust burden for the criminal-level excesses of Wall Street.  If read some of the links below, I'm sure you will be able to see the "Larger Picture" more clearly.

Question:  Do you believe in ANY kind of "amnesty?" -- especially when things have gotten so "out of whack" that normal measures to correct are not enough.  The Great Depression called for "extraordinary measures" to get the economy moving again.  Such are the times we're living in now again--only THIS time The Whole Global Economy is affected by what America's Wall Street did.

AND--Linda; we don't have 50 years to leisurely "take our time" tweaking the economy & continuing to "limp along."  We have polar ice caps melting; species disappearing; rain forests being decimated -- in short:  Our Earth Is In Peril!  We don't need to "strait jacket" our nation's most recently-educated young people--when we need their energy to help save us all!

--Norma

  I'm not familiar with "SIL."  What does it stand for?



From: Linda Selby <[address removed]>
To: [address removed]
Sent: Saturday, July 28,[masked]:43 PM
Subject: Re: [atheists-36] Support the Student Loan Forgiveness Act


no one forgave my daughter's or SIL's student loans.  How about just extending them until they get a job?
----- Original Message -----
From: Norma Jeane Young
To: [address removed]
Sent: Saturday, July 28,[masked]:19 PM
Subject: [atheists-36] Support the Student Loan Forgiveness Act


----- Forwarded Message -----
From: "Murshed Zaheed, CREDO Action" <[address removed]>
To: Norma J. Young <[address removed]>
Sent: Saturday, July 28, [masked]:14 AM
Subject: Support the Student Loan Forgiveness Act

Tell the Democratic Leadership: Set our students free
Clicking here will automatically add your name to this petition to the Democratic Leadership:
"Student loans have surpassed $1 trillion and now Americans owe more in student debt than in credit card debt. It's time to address the crushing student debt crisis. Support the Student Loan Forgiveness Act."
Automatically add your name:
Take action now!
CREDO Action | more than a network, a movement.
Dear Norma,
You may have heard that Congress passed legislation that delayed for one year the doubling of interest rates on federally subsidized student loans.
Although Congress didn't pass the indefinite extension of lower student interest rates that over 284,000 CREDO Action members pushed for with petitions, calls and letters to the editor, it did pass legislation that delayed for one year the doubling of interest rates on federally subsidized student loans.1 Many of our progressive allies2 joined this fight, and no doubt it was thanks to all of our activism that Congress did anything at all to stop federal student loan rates from doubling.
This was a step in the right direction, as it provided millions of America's working-class students and their families much-needed immediate relief, making sure they are not going to incur additional financial stress in the current fragile economy.
But unfortunately, we haven't even started to make a dent in the student loan crisis — we merely stopped Republicans from making it much worse. Since 1999, the average student loan debt has increased by 511 percent. 3 That's 511 percent in just 13 years!
There is a bill that would indefinitely set the federal student loan interest rate at 3.4 percent. It would ensure that students pay their fair share while partially forgiving federal student debt for those hardworking American taxpayers who have already paid 10 percent of their discretionary income for 10 years. And because massive student loan debt suppresses economic growth by prohibiting many college graduates from starting a business, buying a home or starting a family, the bill would also provide much-needed stimulus for the economy.4
The Student Loan Forgiveness Act would make student loan repayment both simple and fair by capping federal student loan interest rates, converting private student loan debt into federal loan programs, and allowing forgiveness of federal student debt of those graduates who have paid at least 10 percent of their discretionary income for 10 years.5
We bailed out the big banks and we think it's time for at least a partial bailout of students and their families who suffer under crushing student debt. Partially forgiving debt, reducing loan repayment burdens, and cutting fees and interest rates for those who qualify under the Student Loan Forgiveness Act would increase the purchasing power of millions of Americans and help stimulate the economy.
However, this won't be easy. In order to have a shot at passing real reform of the student loan system, we need support from the Democratic Leadership to build momentum for the Student Loan Forgiveness Act.
The short-term extension of low interest rates on federally subsidized student loans was a welcome move, but it is the equivalent of putting a band-aid on a massive head wound. Settling for a mere one-year extension means that we will be right back where we started next spring, as a deadline looms for doubling the interest rates on federal student loans. To make matters worse, we will have neither the leverage of voter outrage in an election year to force extremist Republicans to the negotiating table nor the promise of a strong youth vote turnout to motivate Democrats to stand up and fight for the real reform our country needs.
If the Democrats in Washington are serious about advancing a long-term solution to our student loan crisis and ending what has been called "modern-day indentured servitude,"6 they need to embrace real solutions like the Student Loan Forgiveness Act, which frees students who have paid their fair share from the increasingly outrageous burden of student debt and helps stimulate the economy at the same time.
Let's speak up on behalf of our students, graduates and their families today. Click below to automatically sign the petition to the Democratic Leadership urging them to support the Student Loan Forgiveness Act.
Thank you for speaking out.
Murshed Zaheed, Deputy Political Director
CREDO Action from Working Assets
1. Annamaria Andriotis, "Does the New Student-Loan Legislation Go Far Enough?," The Wall Street Journal, June 29, 2012.
2. Student PIRGs, MoveOn, Rebuild the Dream and many other groups rallied Congress to stop federal student loan rates from doubling July 1, 2012.
3. David Indiviglio, "Chart of the Day: Student Loans have grown 511% since 1999," The Atlantic.com, August 18, 2011.
4. Isaac Bowers, "Learn What the Student Loan Forgiveness Act Could Mean for You," USNews.com, March 21, 2012.
5. Ibid.
6. Mike Konczal, "Student Loans are the New Indentured Servitude," The Atlantic.com, October 12, 2009.

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Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([address removed])
This message was sent by Linda Selby ([address removed]) from Orlando Freethinkers & Humanists.
To learn more about Linda Selby, visit his/her member profile
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, PO Box 4668 #37895 New York, New York[masked] | [address removed]


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