In other words . . . redistribute more of your wealth!
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Dear MoveOn member,
Student loan debt now exceeds $1 trillion. Millions are buried under student debt, forced to put off major purchases and life decisions.
In short, student loan debt has become the latest financial crisis in America. If we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped.
The good news is that this week, legislation has been reintroduced in Congress that would provide student loan forgiveness to responsible borrowers drowning in debt. So far over 200,000 people have signed the petition supporting the bill. Will you sign and share it with your friends?
Click here to support the Student Loan Fairness Act, which would provide loan forgiveness for borrowers drowning in student debt.
The Student Loan Fairness Act would create a new “10-10” standard for student loan repayment, in which an individual would be required to make ten years of payments at 10% of their discretionary income, after which their remaining student loan debt would be forgiven. Further, this legislation would:
- ensure low interest rates;
- allow those eligible to convert their private loan debt into federal direct loans;
- reward graduates for entering public service professions;
- provide a lifeline for student borrowers who have fallen on difficult times;
- encourage delinquent and defaulted borrowers to re-enter repayment;
- replace the current, ten-year “Standard Repayment Plan” for the full amount of the loan balance with the “10-10” plan as the default repayment option for borrowers entering repayment.
Student loan debt causes an undeniable and significant drag on the economy. The Student Loan Fairness Act directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope for millions of Americans who, with each passing day, find that the American Dream is more and more out of reach.
Click here to sign the petition in favor of the Student Loan Fairness Act.
Thanks!
–Robert Applebaum, StudentDebtCrisis.org
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Twenty years ago, President Clinton signed the Family and Medical Leave Act (FMLA) and the United States took a major step toward becoming a more family friendly nation.
More lawmakers are recognizing that family friendly policies are essential to families’ economic security as well as the success of businesses and our nation’s economy. The American public recognizes this too. Polls show a majority of Americans say they struggle to manage work and family obligations – and 86% say Congress should consider new laws to help.
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