Thursday, June 26, 2008

Update: Student Loan Justice

First, I want to thank all of you for our support. We are within $1,500 of paying off our debt incurred on the bus tour last year, and our expenses are holding steady at about $120 per month (This pays for phone, fax, and internet expense). For this very nominal investment, we have been written about in every major newspaper in the country, and have appeared on dozens of radio shows, have been mentioned on the Senate floor, and have met with every member of both house and Senate Education Committees. Also, Hillary Clinton introduced the Student Borrower Bill of Rights, and their staff gave us full credit for "getting the ball rolling" on this important Bill.

So I hope that you will agree: The return on the investment has been pretty good, especially considering what we're up against. It was reported today that Sallie Mae spent $1.4 MILLION in lobbying in just the last quarter, and their "bus tour" cost well over $1 million. Unfortunately for them, no amount of money can make the student loan industry less predatory. With perserverance and diligence, the real story about student loans will be coming out. While we are certainly in a David vs. Goliath scenario, I believe that we have a slingshot that will hit its mark.

I hope that you all will continue your support of the PAC. What is needed is roughly $10,000 in the near term. This would allow us to do an internet ad campaign that would help us break through to the millions of people to whom we are currently invisible, but who we need to reach. It would also allow us to make up 2-3000 T-shirts to help spread the word. If we time this correctly, then we can create the "perfect storm" come next february when both the book, and the documentary come out. The idea is to get the critical mass necessary so that everyone who needs to know about will...this is in the millions of people. Congress couldn't turn us away then. So please, give this some consideration.

Best Regards,
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