Dear Representative,
We are writing to you as part of the 42 million Americans who are shackled by student loan debt. Many of us have clinical doctorates or advanced degrees required for our fields. We often work in hospitals as frontline care providers in critical care units. It is not uncommon for healthcare workers to have over $100,000 in student loan debt or to pay around 20% of our monthly salaries towards our debt.
We need comprehensive student debt reform in this country. An entire generation is making choices about the ability to buy cars, buy homes, and start families based on an out of control $1.7 trillion educational debt burden. Before the pandemic put America’s loans on hold, many people paid close to 10% interest, which is a rate set by the Congress of the United States of America, and well out of line with interest rates on other long-term debt (mortgages, for example). $10,000 forgiveness for all is a great start, but it isn’t anywhere near enough. We are hearing many stories from healthcare professionals about the amount of interest they are paying, often into the tens of thousands of dollars over their payment period. In other words, the government is offering to give us a sum of money that is far less than what we will eventually pay to the government in interest. If we want lasting change, interest rates on the remaining debt need to be renegotiated.
It has been widely reported that the Public Service Loan Forgiveness Program (PSLF) has been a complicated failure. The people it fails are our teachers, registered nurses, firefighters, and other public servants who have mortgaged their futures for the credentials required to serve their communities. The program needs to be restructured to include partial forgiveness at intervals before the full 10 years is completed.
We believe that anyone who qualifies for public service loan forgiveness, and anyone who worked on the front lines during this pandemic, should have their debt forgiven. Every day, when there were not enough masks, not enough tests, and not enough answers, we showed up for the people of our communities and our country. We are writing to you because of your tireless efforts on behalf of all your constituents to inspire us to believe that this change is possible. Congress has the power to revive the economy and restore the faith of millions of hard-working Americans in our government. We hope you will consider swift and sweeping action on our behalf.