Day 19 | $24,666 paid | $66,051 till freedom
WOW. Have you guys heard about this? My friend just posted it on her Facebook wall.
Want a Real Economic Stimulus and Jobs Plan? Forgive Student Loan Debt!
To be delivered to: The United States House of Representatives, The United States Senate and President Barack Obama
Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President’s pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy. As consumer spending increases, businesses will begin to hire, jobs will be created and a new era of innovation, entrepreneurship and prosperity will be ushered in for all. A rising tide does, in fact, lift all boats – forgiving student loan debt, rather than tax cuts for corporations, millionaires and billionaires, has a MUCH greater chance of helping to rise that tide in a MUCH shorter time-frame. The future economic success of this country is wholly dependent upon a well-educated, prosperous middle class. Instead of saddling entire generations with debt from which there is no escape, let’s empower the American people to grow this economy on their own!
Therefore, we, the undersigned, strongly encourage Congress and the President to support H. Res 365, introduced by Rep. Hansen Clarke (D-MI), seeking student loan forgiveness as a means of economic stimulus.
Apparently they need 230k signatures and are fewer than 900 away from their goal.
I’m torn on this. I, personally, will not sign. I don’t want the government interfering with my life, and I’m not a big fan of charity. Of course, I did take the first-time homebuyer tax credit, so maybe I am! But I had nothing to do with making that money available, and I would have been silly not to take it. Just like if this thing passes, it would be silly for me to not take it.
But I won’t help it pass. I sincerely think that people can cut costs and increase revenue to pay off their loans. That being said, if it does pass, I’ll be the first one with my hand out; I’m not going to refuse it based on principle.
While I won’t help it pass, there are people who will–I’m thinking of the people who took on loans, went to a second-tier school, and couldn’t get a six-figure job after graduating–or even a job at all–because of the economy. And maybe these people should go after the money. When people take on student loans, they assume certain, basic things–one assumption is that the economy won’t crash when they graduate, or if it has already crashed when they enter grad school, that it will recover by the time they graduate. This is probably a reasonable assumption, but an assumption which, unfortunately, has proven to be false.
I think this is an irresponsible program if it pays off the student loans of people who went to a top-tier school, are single, and make six figures. In other words…me. I think there should be strict guidelines in place so that only the people who truly deserve it will get it.
So who “deserves” to have their student loans paid off? Great question. People with families? People with undergrad loans only? People who have been unemployed for two or more years? People making less than $50k/year? What about people whose loans are 20% comprised of the money they used to go on trips around the world while at school? I’ll leave this one for the comments–definitely interested in what you guys think. Something else to ponder–is there any merit to this at all? Will it really improve the economy? I know that when I pay off my student loans, I’m selling my house, quitting my job, and backpacking around Europe, which probably won’t help the US economy one iota!