Sign the Fix the Debt Petition!

The Campaign to Fix the Debt has launched a new and comprehensive petition demanding that Congressional leaders and the president work together to (you guessed it) fix the debt. The petition has six core tenants:

  • The time to act is now to replace the fiscal cliff with more gradual cuts.
  • America's debt is unsustainable and will threaten the economy.
  • A solution must address all parts of the budget, with the Simpson-Bowles plan as a starting point.
  • A solution must be phased in to protect the recovery, improve economic performance, and protect the most vulnerable.
  • Leaders must find common ground by putting aside their rigid ideologies. Any solution will have to be bipartisan.
  • Leaders must put the national interest ahead of special interests and require shared sacrifice.

You can view and sign the petition here. Also, the page provides links where you can learn more about the federal budget and opportunities to get more involved.

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Recent Student Loan Actions Forgo $5 Billion in Repayments

The Department of Education announced last week a six-month extension of automatic forbearance to all borrowers enrolled in the SAVE income-driven repayment plan while it is being challenged in courts, adding that they will forgive any unpaid accrued interest during that time. We estimate that the Department of Education is forgoing roughly $500 million of repayments per month, meaning that this extension would result in $3 billion in forgone payments, bringing the total amount up to $5 billion. Importantly, much of those payments will instead be paid later, and so the net cost would be some fraction of that $5 billion.

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