KNOXVILLE, Tenn. (WVLT) – A petition calling for an Executive order to cancel student loan debt has gained nearly 600,000 signatures.
The petition on change.org titled “Pandemic Economic Response: Cancel Student Loans by Executive Order!” has a goal of reaching 1,000,000 signatures. It had 598,552 as of September 20, 2020.
The petition cites a potential booming economy as the reason the president should consider this option.
“The President could issue an executive order cancelling all of the student loans that the federal government holds- about 85% of all student debt. Nothing would be added to the national debt, and no tax appropriation would be needed. This is- by far- the least expensive, and most expedient way to inject trillions into the economy,” the petition reads.
The petition also states young people are suffering due to the large amounts of money borrowed for school and high interest rates, therefore making it nearly impossible for students to pay off their debt.
“Lives and livelihoods are being wrecked en masse. Young people aren’t getting married, starting families, businesses or buying homes. Older people are being forced to cash in their retirements. Families are being torn apart. People are fleeing the country. Some are even committing suicide,” the petition reads.
The petition was created by studentloanjustice.org and directed to President Trump, Democratic presidential candidate Joe Biden and Secretary of Education Betsy DeVos.
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