Urge President Obama for Student Loan Bailout

Quick question: how many people do you know who have committed monthly loan payments to Sallie Mae?  How many of those would prefer to have that money available for other uses?  If your answer is, "most everyone I know," then join this group to advocate for a real economic stimulus.

Call it the Student Loan Forgiveness Plan.

Together, let's urge the Obama administration to stand up for higher education and free people from the burden of student loan debt. Sallie Mae (check out http://en.wikipedia.org/wiki/Sallie_mae for a rapid refresh on the details of this company) is a government created publicly traded corporation, a bank, like Citicorp.  If banks deserve to be bailed out for poor decisions, risky investments, and hedging toxic assets for profit, why not rather bail out those people who made excellent decisions, such as getting a college education.

If the new model for progress in the United States involves a push for all who desire to acheive a college degree, what is to be done about the 'penalty' so many Americans face for their EDUCATION? Why are those who couldn't otherwise afford it penalized with costly student loans for decades after graduation? Tax breaks aren't enough. We need money in the system now. This requires debt forgiveness.

Think about it, if you were relieved of paying for the cost of your education, how much extra per month would you have to invest or spend in the manner you chose? This empowers the middle class. This gives working class Americans the chance for education and upward movement. This paves a road to recovery. This encourages more to go to school and get that degree which was at one point just out of reach.

Join us as we embark on this campaign for education finance reform and student loan forgiveness.
We the undersigned urge President Barack H. Obama to consider the economic benefits to the citizens of the United States by furnishing a government sponsored forgiveness of all current student loan debts held by young Americans.

We believe that the burden of these debts holds back the potential of our impact to the economy and represent a significant portion of the debt strangling GDP growth.

In petitioning you, we also strongly value and believe in higher education, and we are proud of our choices for pursuing degrees.  We have attended or are currently attending institutions of higher learning to better ourselves to be active participants in the economy and especially in our communities. 

However, with respect to this fact, the amount of loan debt overall has more than doubled in recent years and this further holds the middle and working classes captive to paying off debt.  We believe the 'system' of paying for a higher education with loans is ultimately flawed, and ask the government in this time of crisis to take action and free our income from the penalty of funding an education via student loans.  This should allow billions of dollars to flow back into the economy, and place education back at the top of the list of cherished values of the United States.

Thank you for taking the time to read this letter Mr. President, please consider our proposal as you move to reform education and make it a possibility for all Americans to truly achieve a college degree.
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