Student loan payments are like a money-vacuum sucking up peoples’ paychecks and keeping them from making new purchases.
In an effort to keep that cash in their wallets, locals have joined more than 260,000 former students nationwide and signed a petition to try and stamp out unpaid loans.
"Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy,” reads the petition urging the President and U.S. lawmakers to relieve them of their money woes.
In exchange, petitioners have vowed to toss their money back into the economy by buying cars, houses, and paying off other excess debt.
But Peter Ubertaccio, Director of the Martin Institute at Stone Hill College said legislators would balk at the proposal, even if it had a chance to reach Congress with serious consideration.
“Flat out forgiveness is just not likely. The complexities are so vast given the number of borrowers and prospective borrowers,” he said. “I don’t think there is any chance at all something like this becomes law.”
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Ubertaccio, an analyst that writes for a Massachusetts political blog, said even he would put money back into the economy if he didn’t have outstanding student debt, but the chances of transforming this into law are less than likely.
“I don’t think it would have the stimulative effect that its proponents would like to see,” he said.
Locals join the movement
Please forgive student loans. Give tens of thousands of individuals a real chance to have a middle class life. It's about time!
-Robin Casarjian, Boston, Ma.
This petition is 100% correct. Being free of student loan obligations would allow several households I know to make major purchases.
- Dan Seitz Somerville, MA
At the very least, interest rates should be dropped to the rates that banks get from the FED.
-Carolyn Nikkal, Jamaica Plain, MA
This would be life-changing for my husband and me. We would be able to start our careers…and buy a condo or house, and invest in the economy, rather than never actually seeing most of our paychecks that go right to student loans.
-Anne Blaschke, Boston, MA