I have not taken sides in the Democratic Presidential race yet, but I do know that student loans are threatening this country's citizens. Standard consumer protections including bankruptcy, statute of limitations, and refinancing rights were stripped by the republican Congress of the past decade.
We have created a Facebook group to convince the Democratic Nominee to undo what the republican's did to student loans.
Please go there. Also, our companion site is www.studentloanjustice.org
If you or your family members are saddled with large student loan debt, this post is for you.
People don't realize until after they graduate just how predatory student loans have become. The standard consumer protections that we take for granted with all other loans (i.e. bankruptcy protections, statutes of limitations, refinancing rights, etc.), are non-existent for student loans. In fact, it is can be far more profitable for the lenders when students fall behind, and after consolidation, borrowers can never leave that lender. We have Congress to thank for this.
This is extremely important, especially given that student debt has grown to overwhelming proportions, where the average undergraduate borrower leaves school with $20,000 in loans, and the average graduate student borrower leaves school with $42,000 in loans.
Would you believe that student loans barely even existed 30 years ago? Well its true. This new "debt-monkey" on the country's back threatens to grow to gorilla proportions, and already has for many.
We have a companion site, which is StudentLoanJustice.Org, but the hope is to create a freestanding group here, on Facebook.
We've been featured on 60 Minutes, The New York Times, Washington Post, etc, etc. We also formed a Political Action Committee, and have gotten some legislation introduced (but not yet passed). We have state chapters in about 40 states so far and roughly 3000 members. Not too shabby for a grassroots movement, but there are still millions of people out there who have been hurt badly by their student loans, and need to find us and join us in order to get Congress to do anything. We have been around for 3 years now, but truly have only scratched the surface of this massive problem. Hopefully Facebook will make the difference.
Are you hearing me?? If you are moved to do so, Please support our (small) PAC (www.studentloanjustice.org/pac.htm), and tell your story for the record...every little bit truly does help, and we have the ear of the national and local media.
Regards, and PLEASE HELP US SPREAD THE WORD!!!