Should All Student Loans be Forgiven? | 09.23.11
Robert Applebaum has an innovative idea, one that has been gaining popularity nationwide since 2009. What if to boost the economy, we forgive student loans? A radical idea, but it’s an idea that has been adopted by congressman Hansen Clarke (D-MI) who recently introduced the bill H. RES. 365, but more on that in a minute.
Applebaum’s website “forgivestudentloandebt.com” is dedicated to providing information about this idea and inspiring people to join the movement. The thought behind this grassroots movement is to stimulate the economy by allowing people to spend more money, rather than using it to solely pay off debt. Here’s some background straight from the source:
“ForgiveStudentLoanDebt.com is a grassroots movement that began as a proposal authored by Founder, Robert Applebaum, entitled “Forgive Student Loan Debt to Stimulate the Economy” which he posted to a Facebook group by the same name in late January, 2009… ForgiveStudentLoanDebt.com was founded so as to take this growing grassroots movement to the next level through lobbying, education and advocacy for a complete overhaul to the way higher education is financed in this country.”
Congressman Clarke’s bill has the same goal. The short version is that this bill seeks to eliminate personal finance burdens of Americans in order to stimulate the economy by alleviating debt. This not only includes student loans, but mortgages and other types of personal loans as well. To read the full bill text, click here.
While Student Loan Forgiveness is not a new idea, the wide-spread, federal implementation of it has been called an idealistic and unlikely approach to stimulating the economy. However, individuals wishing to support this movement can sign the petition at SignOn.org. Whether you support or oppose this idea, change can not be effected without your input; write to your congressperson to voice your opinion on this issue!
To learn more about other forgiveness and repayment options, visit StudentLoanNetwork.com.
And don’t forget to let us know what you think. Does this bill seem reasonable? Do you think it will or will not work? Leave a comment below to share your thoughts!
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