Student Loan Debt
Friday, Nov 4, 2011 10:00 AM 10:09:48 EDT
Forgive student debt, fight the recession
The founder of the loan forgiveness movement on how to turn a $1 trillion problem into prosperity
By Robert Applebaum

A week ago , President Obama unveiled a series of executive orders to address the ever-growing student loan debt crisis in America. Billed by the White House as a direct response to a petition I created on the White House’s new “We the People” petition site, the president announced the implementation of already-passed changes to the government’s student loan program.

The changes could be found in the fine print. The Income Based Repayment (IBR) program included in last year’s Affordable Care Act would be moved up from 2014 to 2012. And certain types of federal loans would be eligible for consolidation and enrollment in IBR. That was it. That was the entirety of the president’s response to a petition signed by over 30,000 Americans calling for across-the-board student loan forgiveness as a means of economic stimulus. Obama also announced the creation of a new form that would allow people to calculate their educational costs and repayment obligations. Inspirational? Hardly.

Here’s the problem: there’s only so much the president can do on his own without a Congress willing to do the job it was elected to do. So while I was disappointed by just how little the president’s new initiative would help the vast majority of Americans drowning in student loan debt, I was encouraged by the fact that he at least acknowledged the problem: a $1 trillion student loan debt overhang that isn’t going away any time soon.

Read more.



Post comment

Forbidden Bookshelf

Forbidden Bookshelf




“While We Were Sleeping”

While We Were Sleeping is an urgent call to save Greenwich Village from New York University's uncontrolled expansion.

Click here to donate to NYUFASP and receive a copy of "While We Were Sleeping: NYU and the Destruction of New York" (minimum donation to receive a book is $10 plus $8 shipping).

Orwell Rolls In His Grave, featuring MCM – Buy the DVD



About News From Underground

News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.

If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:

Help News From Underground!





Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."

Please donate via the PayPal button above or via PayPal by email to: markcrispinmiller@gmail.com

Recent Posts

Recent Comments

Popular Posts

Blogroll

Need a bigger font size?




Sponsored Links



  • Your link could be here too, contact us for pricing details.