Student Loan Debt Clock

Friday, May 11, 2012

Today’s News on The Student Loan Debacle

A few excerpts from Time, Moneyland:

“But perhaps the biggest roadblock to the student debt forgiveness plan is that a one-time bailout is a temporary fix to an on-going problem. What’s really needed is a long look at how higher education in the U.S. is financed. Many would argue the current model is fundamentally broken. Virtually everyone who applies is approved for almost unlimited student loans, regardless of how likely they are to be able to pay them back. But lenders aren’t really concerned about that because student loans cannot be discharged in bankruptcy. They know they’ll get their money back one way or another.”


How can we as a nation allow this to happen, “Together, these older Americans owe $133 billion, [I have researched and found the amount owed to be 36 Billion] and many of them are delinquent on their payments? It’s not uncommon for them to be harassed by debt collectors or to see their wages or Social Security checks garnished.” (
Really, a job submitted via Craigslist from the Right Wing: (
Mitt Romney: Really, is he really the best Republicans have to offer, John McCain at least has integrity, honor, and clearly cared about individuals and their life situations or I feel he practiced the Boy Scouts oath: On my honor, I will do my best, to do my duty to God and my country. To help other people at all times, to obey the Scout Law, and to keep myself physically strong, mentally awake, and morally straight. OR A Scout is: Trustworthy, Loyal, Helpful, Friendly, Courteous, Kind, Obedient, Cheerful, Thrifty, Brave, Clean, and Reverent. Can Mitt Romney tout the same principles? NO!

Hey Mitt you forgot to say what? Oh yea, something of significance for a change, “You forgot to mention? With a July 1 deadline looming for Congress to act to prevent interest rates on millions of federal student loans from doubling, student debt is a critical issue in the U.S. — one that shouldn't be treated as an afterthought.” Oh yea, I forgot he doesn’t care about the individuals in low socio-economic circumstances, “As he once said, "I'm not concerned about the very poor.” (

Hey Mitt wise up: "This was a huge, costly gaffe: "Mitt, Mitt, you don't say these things out loud," says Ed Kilgore at Washington Monthly. Everyone knows Republicans don't craft their policies to help the needy, but when it comes up you're supposed to scream "class warfare" and change the subject. It's precisely this kind of "tone deafness" that loses general elections. "Mitt and po' folks" (

Which flavor of Koolaid will you be drinking today?

Paul Ryan, is he serious? Here is a petition that attempts to stop his budget plan: (

What is it that certain individuals are trying to do? 

Do the ‘plutonomy really think the precariat’ are going to allow the dismantling of the middle and lower classes? ( In my opinion 1%ers are creating an atmosphere of fear. How can people ‘rise up against the machine,’ if they are fearful for their lives, and by fear I mean an overwhelming sense of impending doom in regards to: job security, food security, health insurance or lack of, retirement savings, and their children’s future? How can anyone focus on the real issues when many people’s lives are upside down, their homes are underwater, and their retirement funds have went in the crapper - or more to the point, their financial losses on Wall Street went directly into hedge fund manager’s & other CEO’s compensations packages & Super Pacs & and Lobbying! And you are saying to yourself, that can’t happen, our hard earn money that we saved and worked for decades to acquire, for our retirement and our kids college education went where? Our money the ‘99%ers’ went where? Well, all you have to do is look here to find the real results and where all your hard earned money went: (

When is Congress and the Senate going to wake up and see the real issue?

According to The New York Times, "It’s true that a very high percentage of students who graduate with debt hold a subsidized Stafford loan: 70 percent come from families who make less than $50,000; 24 percent from families with incomes between $50,000 and $100,000; and 6 percent from six-figure-income families. However, there are far more urgent priorities for families with college students."

A comment from a Forbes contributor James Marshall Crotty “The American middle class disappeared because we shipped their jobs overseas, not because of the taxes on the rich. There are FOUR MILLION jobs right now in America that go unfulfilled because your sacrosanct middle class does not have the science, math, technology, and engineering skills to take them." Create education that is FREE! (

1 comment:

  1. My name is Brian Ransdell, and I have an idea for student debt relief that will provide hope to millions of Americans and stimulate the economy.

    I want Congress to provide an exemption to the current tax code which would allow for donations to student debt to be considered charitable contributions, and therefore be deductible from income. I have already started a petition on titled "Modify Tax Law for Student Debt Relief" that currently has 107 signatures in 3 weeks, and it has been featured in an article by Bill Conrad of the Plano Star Courier.

    I envision large corporations buying the idea that if they designate a portion of their annual charitable donations towards student debt, then they could free up that equivalent amount of cash for student debtors (consumers) and immediately impact the US economy. But first, Congress must provide the incentives for these corporations to do so. Many people may believe that student debtors don't deserve money for getting themselves into this debt, but the fact of the matter is that the US has a crisis on its hands, and rather than make unproductive judgements and pointing fingers, the ethics should be left up for the donor to decide. At the very least, we should exhaust our efforts to find creative ways to provide relief. My idea does not place a burden on taxpayers and would be completely voluntary.

    Please help me stir debate across the US about my idea by signing and passing my petition to everyone you know. I have copied links below both to my petition and the article by Bill Conrad. Thank you very much for you consideration, and please pass this on to anyone who may help.

    Thank you,

    Brian Ransdell