DATE: September 18, 2012
FROM: Kyle McCarthy
M: (415) 483-9191
FOR IMMEDIATE RELEASE
STUDENT DEBT CRISIS EMPOWERS STUDENT BORROWERS; ALLOWS VOTERS TO DECIDE WINNER OF VIDEO CONTEST
[NEW YORK–NY] Student Debt Crisis (formerly, ForgiveStudentLoanDebt.com), is empowering the public to choose the winner of their student debt story video contest. Those interested in voting, are encouraged to visit StudentDebtCrisis.org to vote for one of the 28 heart-wrenching videos posted. Voting will conclude on September 30 with the winner announced on October 1.
On August 1, individuals were asked to submit videos involving their personal student debt experiences and answer one of the following questions: “Did you Major in Debt?” or “Why should Congress #ListenToTheMillion?” The term “#ListenToTheMillion” has been a trending hashtag on Twitter referencing the million plus supporters who have signed the petition in favor of H.R.4170: The Student Loan Forgiveness Act of 2012. HR 4170 was introduced by Rep. Hansen Clarke (D-MI) and would offer fairer repayment options for struggling borrowers, requiring payments at ten percent of their income for a maximum of ten years.
Currently, over 36 million Americans suffer from crushing student loan debt with more than 1 out of 5 defaulting; disabling millions from investing in the economy. By providing an interactive platform for student debtors to share their personal testimonials, the Student Debt Crisis team aims to provide a much needed voice for the millions affected. In August, a portion of one of the video submissions was highlighted in The Nation, Crowdsourcing.org, and MoveOn.org. Those interested in voting in the video contest can visit StudentDebtCrisis.org.
Background – ForgiveStudentLoanDebt.com is re-branding as Student Debt Crisis to reflect the fact that the reforms being sought are not limited to forgiveness alone, but a whole host of other steps that would chip away at the status quo with regard to student debt. Robert Applebaum, the founder of ForgiveStudentLoanDebt.com, has joined forces with Aaron Calafato of For-Profit, Natalia Abrams and Kyle McCarthy; fellows at the Backbone Campaign, in forming Student Debt Crisis, a 501(c)(4) non-profit corporation.