Finally! Someone’s got it right. And that someone is New York attorney Robert Applebaum who started a Facebook group called, “Cancel Student Loan Debt to Stimulate the Economy.” Say what you will about Huffington Post, but even they gave Applebaum’s cause a little momentum with this article. According to the article and the Facebook group, Applebaum wants the government to consider lending a hand to those of us drowning in college debt, which he says would stimulate the economy.
I wholeheartedly agree! All through our childhoods, we were told we had to go to college if we wanted to make it in this big, bad world. So we work hard, get scholarships, and dream of getting that smooth job that will enable us to pay off our school loans in no time. Except that little fantasty is shattered as we hit the real world. To pay our car insurance, we borrow from our bank account’s overdraft and to pay that we borrow on a credit card and so on and so on–until literally, we are in so much debt, we find there is no way out. Even filing for bankruptcy costs a hefty $2000! We are caught in the stranglehold of bills, shut-off notices, and face more hardship, and is the government offering us a bailout? Not really. I did hear President Obama offering tax credits of $2500 to college students…hey, what about those of us who already did the college thing?
Besides, some of my loans are federal loans and my grad school loans are through a lender that’s a kissing cousin of Fannie and Freddie Mac–if the banks and other financial institutions get a bailout because they can’t pay their bills, what about the rest of us? Why should we have to pay off our debt if the richest of the rich don’t seem to have to do the same? I want change I can believe in, too…and most people just want to scrounge together enough change to pay bills and maybe do their laundry.
I applaud Robert Applebaum for his fine Facebook group, of which I am a proud member (over 40,000 and going strong). Maybe we won’t get our debt canceled, but at least Applebaum’s got people thinking…and a ton of support from all those former college kids making monthly payments with ridiculous interest compiled upon ridiculous interest.