Requesting cosponsors for HR 3451: The Student Loan Bankruptcy Parity Act of 2015
If you have student loans, you really need to sign this.
When the founding fathers wrote the Constitution, they felt so strongly about the need for bankruptcy rights that they listed the creation of a "uniform system of bankruptcies" ahead of the congressional powers to declare war, coin currency, raise an army and a navy.
Yet, Congress has uniquely and without basis stripped this constitutionally mandated right from lower and middle income people who go to college. The harm that this has done to the nation is incalculable. Unchecked predatory lending, Astonishingly harmful governmental profiteering, inflation in the price of college, corruptions across higher education, perverted fiscal incentives to default student loan borrowers, and a myriad of other effects are due in large part to the removal of standard bankruptcy protections from both federal and private loans.
This is not defensible or tolerable, and must end. Congress must pass this legislation, and reaffirm to working people that the "invisible hand" of free market economics can and should work for everyone, not just the wealthy. Congress must take a stand against this government sponsored, predatory lending system by returning the standard bankruptcy protections that should never have been taken away if we are to see a stabilization of this lending system, which now teeters on the brink of illegitimacy.
Please see http://www.studentloanjustice.org/argument.htm to understand this problem more fully. Join our facebook group to help us promote this critically important legislation ( http://www.facebook.com/groups/sljgroup ).
Yet, Congress has uniquely and without basis stripped this constitutionally mandated right from lower and middle income people who go to college. The harm that this has done to the nation is incalculable. Unchecked predatory lending, Astonishingly harmful governmental profiteering, inflation in the price of college, corruptions across higher education, perverted fiscal incentives to default student loan borrowers, and a myriad of other effects are due in large part to the removal of standard bankruptcy protections from both federal and private loans.
This is not defensible or tolerable, and must end. Congress must pass this legislation, and reaffirm to working people that the "invisible hand" of free market economics can and should work for everyone, not just the wealthy. Congress must take a stand against this government sponsored, predatory lending system by returning the standard bankruptcy protections that should never have been taken away if we are to see a stabilization of this lending system, which now teeters on the brink of illegitimacy.
Please see http://www.studentloanjustice.org/argument.htm to understand this problem more fully. Join our facebook group to help us promote this critically important legislation ( http://www.facebook.com/groups/sljgroup ).
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