increased an astounding 827%. Since 1999, average student loan debt has
increased by a shameful 511%.
In 2010, total outstanding student loan debt exceeded total
outstanding credit card debt in America for the first time ever. In
2012, total outstanding student loan debt is expected to exceed $1
Trillion.
In short, student loan debt has become the latest financial crisis in
America and, if we do absolutely nothing, the entire economy will
eventually come crashing down again, just as it did when the housing
bubble popped. Reasonable minds can disagree as to the solutions, they
cannot, however, disagree on the existence of this ever-growing crisis,
as well as the unsustainable course we’re on towards financial oblivion.
As a result of more than 30 years of treating higher education as an
individual commodity, rather than a public good and an investment in our
collective future, those buried under the weight of their student loan
debt are not buying homes or cars, not starting businesses or families,
and they’re not investing, inventing, innovating or otherwise engaged in
any of the economically stimulative activities that we need all
Americans to be engaged in if we’re ever to dig ourselves out of the
giant hole created by the greed of those at the very top.
Now for the good news: there’s finally hope on the horizon!
Representative Hansen Clarke of Michigan has just introduced H.R. 4170,
the Student Loan Forgiveness Act of 2012, in the House of
Representatives – legislation designed to lend a helping hand to those
struggling under massive amounts of student loan debt.
For a brief summary of H.R. 4170’s main provisions, please click here: http://tinyurl.com/7akydbk
To read the full version of the actual bill itself, please go here: http://tinyurl.com/6txure8
To read answers to some of the most frequently asked questions about the Student Loan Forgiveness Act of 2012, please go here: http://tinyurl.com/8xh4csd
Student loan debt has an undeniable and significant suppressive
effect on economic growth. The Student Loan Forgiveness Act of 2012
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.
Therefore, we, the undersigned, respectfully request that Congress
bring H.R. 4170, the Student Loan Forgiveness Act of 2012, up for
consideration and commit to holding a straight, up-or-down vote on it
this year.