Pledge of Refusal to Pay Student Loans – More Information
A couple of weeks ago, I wrote a post on NYU Professor Andrew Ross’s idea for a Pledge of Refusal to Pay Student Loans – the goal being for signers to stop paying once the petition got one million signatures. I’ve had an average number of hits on the post since then, until today, when I woke up and found that it was, by far, my most popular post today with a lot of people finding it because they were directly searching for the Pledge.
To my knowledge, the Pledge is still in the works, but I did a little research, and found another blog post over at A Post-Academic in NYC on the topic, written the same day as mine, that provides more information. Here are some interesting points from that post, but I’d encourage you to take a look at it yourself as well:
Here are a few things to know about the pledge:
- Signing a pledge is not legally binding. The goal is to raise the issue of education as a human right.
- People cannot default on their loans individually without serious consequences. But we have strength in numbers to change the conversation about debt.
- Many of us are on the hook for so many bazillions of dollars that we’re going to be paying until we’re dead anyway, so why not sign? It can only help us.
- We need to keep our eyes on the prize, which is federally-funded higher ed. We have to keep in mind that we are not asking for a lot. I read the other day that Bank of America has $53 trillion dollars (that’s “trillion” with a “T”) tied up in those nasty derivatives, which even the bank knows is a time bomb waiting to go off. So spending a few billion for college is like pocket change by comparison.
- The pledge would also include an option for people to sign who are not indebted but who want to support those who are. Anyone working in higher education today is implicated in the growing indebtedness of American students, for example. Parents might also want to sign.