Petition: President Biden: Cancel student loans in the first 100 days. | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Petition: President Biden: Cancel student loans in the first 100 days.

Federal student loans have become a national threat. Before the Covid-19 virus emerged, 1 in 5 adults in the U.S. had student loans, and over 80% of them were either unable to pay on their loans, or were paying but their balances were going up. The default rate for 2004 students is 40%, and these people were taking out less than a third of what today's students are compelled to borrow for college. The default rate for current borrowers will easily exceed 75%, if not far higher. This is more than triple the default rate of sub-prime home mortgages, and this was all true before the pandemic. By every reasonable metric, this is now a catastrophically failed lending system.

The President and Secretary of Education have all the authority needed issue an executive order cancelling all federally owned student loans- about 85% of all student debt. Nothing would be added to the national debt, and no tax appropriation would be needed. This is, by far, the least expensive, and most expedient way to inject trillions into the economy.

This is not a partisan problem. More than half of all student loan borrowers identify as being politically independent, or republican. More than 40% never graduated. People in "red" states are being hurt significatly worse than in "blue" states. All are trapped by a uniquely predatory lending system from which nearly every consumer protection has been stripped- including statutes of limitations, Truth in Lending laws, and most importantly: bankruptcy rights that the Founders called for ahead of the power to raise an army and even ahead of the power to declare war in the U.S. Constitution. The predatory, hyper-inflationary lending system that has resulted is what the Founders wished to avoid.