Could Student Loan Debt Soon Be Erased?

Pardon the hyperbole, but if you have student loans, it’s worth spending the next 20 seconds reading this because it could literally change your financial life.

Are you still paying off your student loans? Are loans the only way you’ll be able to attend college? You’re not alone. Considering student loan debt is expected to exceed one TRILLION dollars by the end of this year, you’re certainly in good company.

But what if all your student loan debt was either erased or drastically shrunk? It would certainly give many people more purchasing power and relief. That’s the idea behind The Student Loan Forgiveness Act. There’s a petition that’s been signed by more than 130,000 people (their goal is 150,000) at SignOn.org right now. Click here to view the petition and see who is signing it in real-time. I’ve embedded some of the ‘greatest hits’ of the petition below for your perusal:

  • Since 1980, average tuition for a 4-year college education has 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.
  • 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.

So this raises the bigger question: what would you do if your student loan debt was erased?

4 Comments

  1. DevinRhode

    March 24, 2012 at 10:41 pm

    This is flat out bull.
    Learn what needs to be done: http://www.youtube.com/watch?v=A75KERKwEQM

  2. mellybellyjf

    April 10, 2012 at 9:31 am

    If my student loans were forgiven I would do what I have always wanted to- work non-prof all the way!   My heart is to work with those in need.  Ironically because of the dramatic amount of student loans I had to take out to afford the private college I was accepted to I now have no idea how I’m going to afford to live myself.   I will never be able to pay it off in my life time unless I get a job that pays over $100,000 a year.  Most counselors  and ministers  don’t realy get payed that much, especially not doing what I wanted to do- get  involved helping victims  of trafficking.  I was told my whole life I had to have an education to do what I wanted to in life and do it well.  Now because of my education I don’t know if I will really ever be able to give what I want to.  

  3. Pingback: Free College Education in the USA is a Must | Free College Degrees

  4. Visual Effects Artist

    October 11, 2012 at 4:24 pm

    I just graduated from a school in Chicago and I am $70K in debt. I was offered a job for $30K/year (about $500/week after taxes), but between the cost of living in this city (small studios within walking distance to the El start at $700 in a so-so neighborhood) and monthly loan repayment of over $500 per month, I was unable to find an apartment that would take me. Therefore, I had to turn down the job and move in with my parents in rural Pennsylvania, where there is little hope of me finding a local job in the field for which I am trained.

    I could have taken the job if I didn’t have such huge payments, but they is through Sallie Mae and they are pretty inflexible.