Sallie Mae and other Student Lenders have held the Congress Hostage for more than a decade. Finally, a political action committee has been started for the students: The StudentLoanJustice.Org PAC.
I have been considering this for a long time, and am finally pleased to announce the formation of the StudentLoanJustice.Org Political Action CommitteeThis is an unconnected PAC, which means that we are not beholden to any private corporation or political party. We will be reporting on a monthly basis to the Federal Elections Commission.
This is the first time anything like this has been done, and it is long overdue: Sallie Mae, Nelnet, and the other big lenders have enjoyed the undivided attention of Congress for far too long. The Sallie Mae lobbying machine has already kicked their efforts into high gear in an attempt to hypnotize the new Congress, I feel it is our duty to stand up to them-both for ourselves, and for those who follow us.
We have a unique opportunity with this new Congress. I, for one, would be extremely disappointed to see legislation that addresses only future borrowers, not former borrowers. Unfortunately, that seems to be the way it is shaping up, unless we act now.
I will be redoubling my efforts, and pursuing this-full time-for the foreseeable future. My first trip to Washington D.C. resulted in the Student Borrower Bill of Rights being introduced into the Senate and the StudentLoanJustice community has succeeded in garnering more media attention to this problem in the last 18 months, then it has received in the past 18 years! In other words- I think we have the muscle.
Our initial agenda is posted on the website. Please look it over, and let me know what you think. I want to get this right for all of us, so your thoughts are critical. In my view, the refinancing piece will be the easy one. Loan "Amnesty" where we are allowed to repay what we borrowed, plus a moderate amount of interest, will be a bit tougher. Bankruptcy protection will be tougher still, but all are doable, with enough pressure in the right places.
This is a pretty big deal for me--I'm taking a huge personal and professional risk in doing this (not to mention the $5,000 I'm contributing to help cover tour expenses!). I hope all will appreciate that, and offer whatever support you can. I will not be paying myself anything from this for the first 6 months, but I may after that, if it is feasible. My point is (and I hope you all already know this), I'm not doing this for personal financial gain, and don't expect to do more than break even.
Our first "Action" in the new year will be to conduct a nationwide "bus tour". I, and whoever wants to join me, will be dropping in on each and every member of both House and Senate Education committees both in their home districts, and at their offices in D.C. to make them aware of the problem, and convince them to stand up for us.
Thanks, and spread the word! There are way, way more people out there like us who haven't yet been reached, or are too intimidated to speak out. Let's come together, catch the wave, and have some fun!