Student Debt Overview
There are 44 million Americans who have outstanding student debt totaling more than $1.5T. More than 40% of federal student loans are in danger of not being repaid
This impact of this problem is not limited to young people but to our entire economy as student debt burdens are changing consumption habits.
Refinancing Student Loans
Many student loan borrowers are paying 9 or 10% interest rates while the cost of capital in public markets is at all-time lows. Allow students to refinance their loans and repay at the same low interest rates everyone else enjoys
Although technically allowable in only extreme circumstances, it has proven virtually impossible to discharge student loans through bankruptcy. Bankruptcy is not a great option, but it must be an option for student debt holders, just like all other types of debt.
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Did you know?
Student debt default rates
Taking on student loans is a big decision—we’re talking about 10’s of thousand of dollars for a family to invest and borrow. Like any investment decision, families need more information to make investment decisions around higher education and student debt.
Colleges should be required to release information about the numbers of graduates and dropouts making progress on paying student loans, as well as employment rates.
“Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans.”
Did you know?
Public Service Loan Forgiveness
If you work for a government or non-profit organization you qualify for the Public Service Loan Forgiveness Program so that after you make 120 qualifying payments your student debt disappears, that means no more loan payment after 10 years.
The problem is…
Newly proposed legislation would completely eliminate the Public Service Loan Forgiveness Program. Not only would your loan not be forgiven after 10 years like the program promises, but you’d have to pay the entire amount of your student debt
Do you currently owe thousands of dollars in student debt but decided to pursue your passion and forgo a high-paying job believing that your student loans would be forgiven after you worked for 10 years?
You weren’t the only one!
When the public student loan forgiveness program was announced, people made giant life choices based on whether or not they would be able to pay off their loans. They decided to do less lucrative but wildly important work because the government had set up an incentive for them to do so.
And now the government is trying to eliminate the program that currently offers support for more than 20% of the US workforce!
Young people should have a voice.
Telling your legislators what you want and how to vote is hugely powerful in creating the future we want, and in holding them accountable.
Lobbying is central to our democracy.
We talk, politicians listen. Everyone has the right to speak with their representative.
Currently, our voice is not heard.
In practice, only those who can afford lobbyists get consistent access to legislators, ultimately elevating the political agendas of corporations.
This is how
Support YOUR Lobbyist
We believe that lobbying can be used as a force for good. Lobbying by definition is simply influencing a politician about a specific issue. The problem right now is that corporations, wealthy individuals, and even our parents and grandparents have lobbyists, not everyday young people.
That’s why we went out and got our own lobbyist. A lobbyist who represents YOU, the concerned young American. AYA members get regular updates from lobbyists in Washington who are fighting for you and unique engagement opportunities.
Meet Ally Bernstein