Occupy Student Debt.

Part of Operation Cash Back #OpCashBack is spreading the word about the revolution going on around the world, one of these events is Occupy Student Debt.

An email to me from Anon Debtor Girl-

Occupy Student Debt started out on Facebook (www.facebook.com/occupystudentdebt) as a group for angry student debtors. The guys from Default: The Student Loan Documentary and Robert Applebaum of forgivestudentloandebt.com got involved, which helped the page get some attention
I became furious on Wednesday when Obama announced his student loan “reforms” because they only cover federal loans, and not private, bank-backed loans (i.e. through Sallie Mae, Citibank, B of A, Chase, etc.) Anyone who has already defaulted on either type of loan is still fucked, and there are no bankruptcy protections even for the disabled. The banks can even garnish your Social Security checks, thanks to Congress stripping away consumer protections in 2005.
Most people don’t know the difference between gov’t backed and bank-backed loans, so they keep assuming everyone has the right to income-based repayment plans. No. The big banks don’t give a fuck if you’re unemployed and begging to defer, or if only bringing home $800/mo. They’ll still demand the full $1,000 you owe — and if you can’t make payments for only 90 days, you default. Once you default, your credit is shot for life. You can’t rent a house or an apartment, and you still have to pay back the amount you owe plus thousands more in bullshit fees. Studentloanjustice.org has some good explanations of how this works, and how it’s meant to especially ruin the lives of low-income and minority students.
What we’re trying to do: We want to collect your stories about student loan hell. We want to inform the public about the lack of consumer protections and refinancing rights for student loans and hold private lenders accountable for their refusal to help students avoid default. We believe that the federal government must act to help students who have already defaulted, and to restore consumer protections and bankruptcy rights immediately. We want lenders to be held accountable for lobbying Congress and for exploiting poor and middle-class families. We want to draw attention to what student debtors are truly facing. We are the overeducated underclass. Don’t call us entitled for wanting survival.
We’re trying to organize a Student Debt Action day on 11/12. , we want students to join their local Occupy events to protest the exploitative actions of the government and big banks as outlined above.

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