Sallie Mae: Forgive Student Debt

In 2010 something unthinkable happened – student debt surpassed credit card debt as the largest form of debt in this country, passing $800 billion dollars. In 2012 more history will be made as the amount of unpaid student debt climbs to $1 trillion dollars, with an additional $1 million dollars added to that number every 6 minutes.

The ripple effect that this has on our economy is crushing: students and recent graduates are forced into low-wage jobs in order to immediately start making payments back to banks and lenders; instead of stimulating the economy by spending millions of dollars, students and graduates are pinching pennies to just try to keep up with the interest on their loans; and the privatization of colleges and universities are expedited as the same loan agencies use the profit off of students to lobby for lower tax rates, forcing budget cuts to higher education in an economy where recent graduates struggle to find jobs.

Imagine students not working two part-time minimum wage jobs as they struggle to get through school, allowing them more time to participate in civic engagement. Imagine recent graduates not being pushed into a job market where they are forced to intentionally keep wages stagnant, allowing them the ability to work for non-profits or local businesses.

If we do not solve the student debt crisis the students of today will suffer, but the students of tomorrow may never have the opportunity to a college education. A generation of students will pay the hefty price of their student loans; but we must not forget that we will also pay the debt of an entire country ignoring the burden placed on those working to better their lives and communities by obtaining a college degree.

We are demanding that Sallie Mae, Inc. pay their fair share in fixing the economy by:

1. Forgive all student debt after 5 years of payments
2. Eliminate all interest on student loans

(via amaresu)