Petition Student Loans

Introduction

In the United States, student loans have grown exponentially since the 1980’s. Between 2008 and 2011 alone, the outstanding student loan balance grew from $829 billion to $967 billion, making them the No. 1 consumer debt category after mortgages. As graduates struggle to pay off their loans, many are forced to take out additional private loans or turn to credit cards. If not managed properly, these loans can lead to financial difficulties later in life.

As we approach graduation, many students are struggling to find ways to pay back their student loans, while some have even resorted to filing for bankruptcy. In addition to repaying their student loans, graduates need to consider how they will manage their finances once they leave college. Many graduates continue to live at home with parents who have been paying for their tuition, housing, and food. While this may seem like a convenient way for graduates to save money, it can cause problems down the road. Not only does this arrangement require parents to cover costs associated with children, but it also makes graduation much harder than it should be. Graduates can avoid many issues if they plan ahead and budget accordingly before attending college.

How do I manage my finances?

After leaving school, it is essential to develop a solid budgeting system. A graduated savings account is a great option for students who cannot afford to repay their student loans until they start earning wages. By setting aside money each month for retirement purposes, graduates will be able to build up enough funds to help pay off their student loans in full. Once their student loans are paid off, graduates should begin saving for future goals, such as moving out of their parent’s house and buying a car.

Many graduates are surprised to learn that, according to the Consumer Financial Protection Bureau (CFPB), federal law prohibits banks from charging undergraduate students higher interest rates than graduate students. Graduate students should make sure to compare interest rates when applying for student loans. When choosing between different types of loans, graduate students should choose ones with lower fees, including fixed-rate student loans and subsidized Stafford loans, as opposed to unsubsidized federal loans. Students should also look for loans with lower monthly payments. Paying more per year will increase the total amount of time that students spend paying off their loans.

Student Loan Consolidation

If possible, graduates should consolidate their existing student loan accounts into one single payment. Consolidating student loans can reduce the number of monthly payments, as well as the total cost of repayment. Unfortunately, the majority of graduate students do not know about this option and end up paying more money over the course of their entire repayment period.

Other Benefits of Student Loan Consolidation

There are numerous other advantages to consolidating student loans:

You Can Save Money

By consolidating your debts, you can eliminate any chance of incurring excess fees and/or interest charges.

You Will Have More Time To Focus On Your Future Goals

No longer will you be distracted by the thought of paying off your student loans. Instead, you will be able to focus on the things that matter most to you, like finding employment, building valuable skills, and starting your own businesses.

Petition Student Loans

This petition is requesting that student loans be forgiven, based off the fact they have been created solely to benefit political interests. I do not believe in slavery, therefore I don’t think we should be forced to borrow money to further someone else’s agenda. If you agree, please sign the petition!

Petition Student Loans

What is a petition?

A petition is a formal request to take action (usually involving a government body) on something. Petitions are written with a purpose and delivered to those who have the power to make a difference. In the case of student loans, petitions ask students who owe money to ask their loan companies to lower their interest rate. We need to start collecting signatures because we have until August 1st to get our message out to the federal government.

How can I sign a Petition?

There are two ways to sign a petition – online or at a local branch office of the U.S. Bankruptcy Court. Then, follow the instructions below to sign online or at your local office.

Petition Student Loans

Bankruptcy

Bankruptcy is a legal procedure where individuals who owe money to creditors may declare bankruptcy at their own discretion. A person may file for personal bankruptcy if he/she is unable to pay his/her debts. In some states, students who have not graduated yet may still be able to file for bankruptcy. However, in others, students cannot file for bankruptcy until they have graduated and got jobs.

Tax Refund

Tax refund refers to money that government owes its citizens. Usually, taxpayers receive tax refunds when they complete their yearly taxes or after they file for a tax return. On the other hand, some people prefer to make use of a loan rather than getting a tax refund. Unlike loans that require paying back interest on them, borrowers do not need to pay any interest when using student loans. On top of that, many banks offer zero percent APR interest rates for student loans. Despite these benefits, it is still advisable that students avoid taking out loans. Not only does it increase the burden of debt, but it also affects the credit rating of the borrower.

Income Taxes

Income tax is a tax imposed on earnings of individual taxpayers. People who earn income are responsible for paying income taxes. If a taxpayer earns less than $10,000 per year, then he/she will not have to pay income tax. There are two types of income taxes: federal income tax and state income tax. Federal income tax includes payroll tax (Social Security) and Medicare tax. State income tax includes property tax, sales tax, and excise tax. When filing an income tax return, taxpayers should note that taxable income varies according to different factors, including the type of work they perform.

Jobless Rate

Jobless rate refers to the number of unemployed persons divided by the total population. Usually, the unemployment rate is expressed as a percentage. This means that 100% represents the total number of unemployed people. If the jobless rate increases, then less people are employed. If the jobless ratio decreases, then more people are employed.

Minimum Wage

Minimum wage is a figure set by law that employers must pay employees who lack certain skills. These wages vary depending on various factors, including the type, location, and experience of the employee. Minimum wage is regulated by local governments and the federal government. The minimum wage applies to hourly workers. Wages paid to salaried employees are exempt from minimum wage regulations.

Unemployment Rate

Unemployment rate refers to the number unemployed persons divided by the labor force. Usually, the unemployment ratio is expressed as a percentage, making it possible to determine how many unemployed people are present relative to the entire workforce. If the unemployment rate goes down, then fewer people are unemployed. On the other side, if the unemployment rate increases, then more people become unemployed.

Median Age

Median age is defined as the middle value separating the higher half of a data set from the lower half. The median age of the U.S. population was 38 years old in 2017, meaning that 50% of Americans were younger than 38 years old while 50% were older than 38 years old. Since the median age of Americans is 38 years old, it means that half of the country is younger and half is older.

Petition Student Loans

Debt Free College Education

The college bubble we now find ourselves in requires a solution. Please help us by going to this site, clicking the link, subscribing, sharing, adding a comment and registering a vote. Feel free to copy and paste these links to any forum or website and urge others to join our movement!

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