A year ago at this time, student debt surpassed the trillion dollar mark. This debt mark surpasses auto loans and credit card debt. It is alarming and indeed a crisis. Tons of factors played a part, including state budget cuts, the recession, etc.
Make no mistake, the debt for graduates is crippling. It hinders saving AND spending.
Today, we call for a national Social Media Day of Action.
If we don’t act, on July 1st the interest rate for Stafford Loans DOUBLES, costing borrowers (a lot of whom are from families with an annual income of less that $50,000) thousands extra. The worst way to encourage spending and saving is to release new graduates into the world by burdening them with crushing student loan debt.
Some news links about the crisis:
Some quick reminders if you’re not angry about this:
-Banks and corporations often get loans from the government at 0% interest AND, as we have all seen, no real obligation to pay them back and no real penalties.
-The only crimes with no statute of limitations are: murder, rape, treason, war crimes and STUDENT LOAN DEBT. One of these things is definitely not like the others. Why?
Here’s the information I received from StudentDebtCrisis.org:
Here’s How You Can Participate:
Tweet Your Representatives:
Click here to access the Student Debt Crisis comprehensive list of all 435 members of the House – http://studentdebtcrisis.org/tweet-your-representative-dontdoublemyrate-and-dreamsnotdebt/ – find your Representative and click the link next to his or her name to send a pre-loaded tweet demanding #DontDoubleMyRate
Other Sample Tweets:
Video: We believe in #DreamsNotDebt. Check out why we can’t afford for fed student interest rates to 2x 7/1 http://bit.ly/11paUgP
How many burritos worth of #StudentDebt do you have? Check out @YI_Care’s interactive #infographic http://debt.younginvincibles.org/ #DreamsNotDebt
Write to your Representatives:
Post on Facebook:
Video Alert! We believe in #DreamsNotDebt. Check out why we can’t afford for federal student interest rates to double on July 1st http://bit.ly/11paUgP
Sign These Petitions:
Tell Congress to Bank on Us! – http://bankonusnow.org/
$51 Billion in Student Loan Profits – Tell Congress This Has to Stop! – http://speak.younginvincibles.org/p/dia/action/public/?action_KEY=13765
Don’t Raise the Interest Rates on Student Loans – http://petitions.moveon.org/sign/dont-raise-the-interest?mailing_id=13081&source=s.icn.em.cr&%3Br_by=5462310&r_by=4190641
Support the Student Loan Fairness Act – HR 1330! – http://petitions.moveon.org/sign/support-the-student-loan-6?mailing_id=13081&source=s.icn.em.cr&%3Br_by=5462310&r_by=4190641
Stand With Me and Tell Congress: Stop Student Loan Interest Rates From Doubling – http://www.takepart.com/actions/stand-me-and-tell-congress-stop-student-loan-interest-rates-doubling