President Obama will be giving a speech entitled, "We Can't Wait," this coming Wed. in Denver, CO. In this speech he'll tell the American people that he's going to bypass Congress. Moreover, I've learned that he will be announcing executive action that will help people struggling with federal student loans and those who have lost their homes through foreclosures. Let's hope it has meat, and that the solutions he offers can be applied to private student loan debt as well.
I am so heartened to learn of this development and like you, Cryn, cannot wait to hear what it will be! I have no doubt that those of us who have been activists; signing on with Forgive Student Loan Debt and Student Loan Justice and have been writing Congress and the Whitehouse, the people who posted pictures on Tumblr explaining their stories including difficult education debt for the "We are the 99%" campaign are the ones responsible for any response from the Whitehouse! I agree with you; can't wait to see if it's meaningful relief!
Ugh, I hate to be Debbie Downer here, but based on his history, this will not be meaningful. Furthermore, it almost certainly will not give relief to those of us with private student loans. I feel like private student loan holders are virtually ignored in almost anything I see or read about, since they were were removed from the process 2 years ago. But there are plenty of us who hold private loans (before the removal in the lending process,) and my amount borrowed is signficant (due to private law school.) I'm frustrated that although there is more and more coverage to this HUGE issue, they haven't really brought up private loans. I digress. I certainly hope this will be something to provide true relief, but am not optimistic.
@Anonymous 5:21 PM - well said. I understand your take, and I am with you. We'll just have to see. I'm not holding my breath, but who knows? I mean, there is a reason why so many people are protesting in the street. Student loan debt is definitely a motivating factor.
For student loan debt relief, where is the money supposed to come from? A trillion dollars has to come from somewhere. Are higher taxes proposed, or do banks take a haircut or what?
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