|Wipe our Debt (Photo credit: Images_of_Money)|
|Jim -- |
You probably know somebody directly affected by this:
Yesterday, a group of Senate Republicans blocked a common-sense proposal to help Americans reduce the burden of student loan debt.
It's depressing -- student loan debt is spiraling out of control in our country, totaling nearly $1.2 trillion and surpassing both credit card and auto loan debt in size.
This bill simply would have allowed folks to refinance their loans at today's rates.
But this fight doesn't have to end here. If you agree that getting a degree shouldn't have to put you in debt for decades, you should join the growing list of Americans saying it's time to rein in student loan debt.
A college education is still one of the most important investments you can make for your future. But more students than ever before are forced to take out loans to go to college -- 70 percent of undergraduates in 2012 left school with a diploma and debt, to the tune of nearly $30,000 per person. And a third of Federal Direct student loan dollars are in default, deferment, or forbearance.
That's insane. And it makes no sense in today's economy -- that kind of debt holds people back from home ownership and other investments, even threatening the security of their retirement.
President Obama has worked with Congress to help make college more affordable, from cutting rates on new loans to raising the maximum Pell Grant award. But there is more work to do, and he's made it clear that even though he wants to work with Congress on it, he's not going to wait. This week he signed a presidential memorandum that will allow 5 million borrowers with federal student loans to cap their monthly payments at 10 percent of their income.
But there are 40 million Americans who need some relief -- add your name and fight for a fair way to reduce the burden of student loan debt:
Thanks -- more on this soon,
Director of Special Projects
Organizing for Action