Support the Student Loan Fairness Act (H.R. 1330)

To: Members of Congress

Support the Student Loan Fairness Act (H.R. 1330)
84,712
of 100,000 signatures
Campaign created by Carli Stevenson Icon-email

Support the Student Loan Fairness Act (H.R. 1330), which is common-sense legislation offering a 10-10 repayment plan that would require borrowers to make 10 years of payments on their federal student loans at 10% of their discretionary income, after which the remaining student loan debt would be forgiven. The legislation would also limit interest capitalization to 10% of the original principal.

Why is this important?

I graduated from the University of New Hampshire in 2008. Although I am fortunate to have a job doing what I love, I can never pay all my bills in any given month because of the amount of student debt I am in.

I grew up with a single mom, and worked hard to get myself into and through college. I did everything I could to help myself--I went to a state university, applied for scholarships, and worked full time for most of my college career. It took me six years instead of four to graduate because I was working so much. And yet I still graduated with almost $50,000 worth of student debt. 

But my story is not unique. There are millions of Americans in the same position as I am. That's why I am asking you to sign this petition to support the Student Loan Fairness Act. 

Since 1999, the average student loan debt has increased by 511 percent. That's 511 percent in just 13 years. Student loans have surpassed $1 trillion and now Americans owe more in student debt than in credit card debt. The student loans have become "the 21st century version of indentured servitude," as it is prohibiting many college graduates experiencing financial hardship from starting a business, buying a home or starting a family.

There are many good things in the Student Loan Fairness Act (H.R. 1330) that will help people like me, including capping interest rates on federal student loans at 3.4%, capping monthly payments at 10% of borrowers' discretionary income, and putting limits on interest capitalization. These provisions will help me and millions of other Americans get out from underneath our crushing debt loads. This is good for us and good for the economy.

There are so many of life's milestones that I am putting off because of my debt. I would like to someday be a homeowner and start a family. But right now those things are out of reach. Higher Education and the ability to pursue one's dreams shouldn't just be a privilege for the wealthy few. Please sign my petition to support the Student Loan Fairness Act so that I and millions of others shackled to student loans can have a shot at the American Dream. 

REFERENCES

http://www.usnews.com/education/blogs/student-loan-ranger/2013/04/03/how-the-student-loan-fairness-act-could-benefit-borrowers
http://www.theatlantic.com/business/archive/2011/08/chart-of-the-day-student-loans-have-grown-511-since-1999/243821/
http://www.theatlantic.com/business/archive/2009/10/student-loans-are-the-new-indentured-servitude/28235/
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Reasons for signing

  • Linai B. 2013-09-04 02:50:35 -0700
    After undergrad and graduate studies I am drowning in student loan debt. And with a career as a teacher I am faced with this massive debt and little likelihood of banishing it for another twenty-four years. This is my abysmal financial future.
  • Nicole P. 2013-09-03 13:07:58 -0700
    We spend billions on war and prisons, bail out banks when they purposely and recklessly gambled w/ our money, and yet can't seem to squeeze a dime more out of budgets for education and ensuring a healthy, vibrant society.
  • Malinda M. 2013-08-29 17:53:03 -0700
    I borrowed $21k for my BS in 1990-94. I have made payments when employed, and I now owe $205k. Something is definitely wrong with the system