Legislative Action Alert!

Dear NYU Graduate Actors, 

Let's talk bankruptcy. 

One of our ever-present missions in the AFSG is ensure that artists are aware of any legislation that could negatively or positively affect their finances. With that in mind we offer you this:

In both houses of Congress the Fairness for Struggling Students Act of 2011 and the Private Loan Bankruptcy Fairness Act of 2011 are pending. These acts would make private school loans dischargeable through bankruptcy. 

Below are some articles which can help educate you on the matter.

Relief for Student Debtors - The New York Times

Student Borrowers Could Shed Debt With Propsed Law - CBS

Default Rate Rises On Student Loans As Economy Falters - The Atlanta Journal

While The GAAA and AFSG in now way, shape or form advocate declaring bankruptcy, we feel that it is essential to fight for the option to declare bankruptcy. Particularly for those artists who are suffering from the effects of the predatory student loan lending craze and for the select few whose finances would be worse without being able to declare bankruptcy.

Please, seriously consider writing your Senators and Representatives to endorse the Fairness for Struggling Students Act of 2011 and the Private Loan Bankruptcy Fairness Act of 2011. This could be a major step towards correcting the ultra-shady business tactics used by universitys and banks alike, now and before the financial crisis of 2008. 

Your Senators and Representatives e-mail information can be found here:

http://www.contactingthecongress.org

To make the letter writing process easier, we offer you a form letter which is pasted below. If you are for this legislation, and I truly hope that you are, simply cut, paste, fill in the blanks, make your editions and send.

Should you have any questions, please write Freddy Arsenault at: freddy.arsenault@gmail.com

Sample Letter:

"Dear Ranking Member xxxxxxx:

I am writing to express my strong support for the Private Student Loan Bankruptcy Fairness Act of 2011 and Fairness for Struggling Student Act of 2011. Private student loans are one of the riskiest, most expensive ways to pay for college. Like credit cards, they typically have variable interest rates that are higher for those who can least afford them. However, private student loans are treated much more harshly in bankruptcy than credit cards and other comparable types of debt.

Private student loan borrowers also lack access to the important deferment, income-based repayment, or loan forgiveness options that come with federal student loans. This leaves most private loan borrowers at the mercy of the lender if they face financial distress due to unemployment, disability, illness or military deployment, or when a school shuts down before they can finish their certificate or degree.

With recent reports that student loan debt has outpaced credit card debt, the Private Student Loan Bankruptcy Fairness Act of 2011 is needed now more than ever. This legislation would reverse the unfair and unjustified special bankruptcy protections for private student lenders included in the 2005 bankruptcy law. Thank you for your leadership on this important issue.

Signed,"