Saddled with student loan debt? Putting off important life events, because the money (after paying all of those student loan bills) just isn’t there? Take heart, you are not alone.
According to Michael T. Snyder, author of the blog appropriately titled The Economic Collapse, two-thirds of all college graduates carry student loans. The average amount of student loan debt is $25,000, and for many students who had to rely on financial aid the numbers are significantly higher. Add to that the fact that US university tuition has increased 900%, and you can see why so many Americans are desperate for help.
This desperation is increased when you realize that, other than death or a few other grisly options, student loan is with you forever. There is no discharge in bankruptcy (as there would be if you had irresponsibly charged a fortune on credit cards), nor is there an effective way to utilize a credit counseling service to minimize student loan debt. In short, the government loan sharks circle, and the financial aid borrowers are the ones who get bitten. With all of the college students in the US, that’s a lot of biting.
The numbers are not only staggering, they can also be downright heart-wrenching. Hearing story after story from people who attempted to better their lives through education, only to wind up buried in debt, is enough to make any young person think twice about attending college. Tales of moving back home with parents, thousand dollar monthly payments, defaults, rising interest rates, homelessness, harassment by lenders, divorces from the stress, postponement of life events, and even suicide contemplations make this topic morbid and overwhelming.
The silver lining to this dark cloud of student loan debt comes to us from a man by the name of Robert Applebaum; a pioneer who boldly set out to change things a few years ago. He has kept up the fight, and is making some serious waves with his movement.
In fact, thanks to Applebaum, Rep. Hansen Clarke has begun listening to the battle weary cries of college students, and hopefully will push change forward in the government. This is great news, because the student loan bubble is about to burst – it is just a a matter of time.
Applebaum has also started a petition to get change moving. The petition will be sent to the U.S. House of Representatives, the U.S. Senate, and President Obama, and will reflect the needed assistance that so many student loan debt holders are desperately seeking. The petition for student loan forgiveness received thousands of signatures within the first few hours, and now boasts nearly 400,000 signatures from loan weary people across the country.
Interested in signing the petition for the forgiveness of student loans? Check out the site: http://signon.org/sign/want-a-real-economic?source=s.em.cr&r_by=527937&mailing_id=509
You may also want to stop in at WhiteHouse.gov to sign the official White House petition, asking President Obama for much needed help with the student loan burden: https://wwws.whitehouse.gov/petitions#!/petition/forgive-student-loan-debt-stimulate-economy-and-usher-new-era-innovation-entrepreneurship-and/jHfPW9c9
The time for change is now. It is time to start reinvigorating the middle class, and helping the American people instead of lining the pockets of big corporations. Thanks to people like Robert Applebaum, that change may be here sooner than we think.
Applebaum, R. (2011). Forgive Student Loan Debt to Stimulate the Economy. http://www.forgivestudentloandebt.com/
Snyder, M. T. (2011). The Economic Collapse. http://theeconomiccollapseblog.com/archives/student-loan-debt-hell-21-statistics-that-will-make-you-think-twice-about-going-to-college