Discharge the Debt rally in Portland
Approximately 100 people gathered to protest outside the US Bankruptcy Court on S.W. 5th Avenue and S.W. Salmon in downtown Portland to demand full dischargability of all student loans in bankruptcy. Portland, OR, USA, 17/10/2011.
According to a press release from the organisers;
“We demand that all student loans be fully dischargeable in bankruptcy court. Because the wealthy have their business and personal debts canceled when they declare bankruptcy. Because when the poor seek to have their debts canceled, they’re told that student loan debt is non-dischargeable for life. We seek the total abolition of bankruptcy discrimination against the poor and working classes.
Students have no credit history when they enter college and seek to finance their education with student loans. No one will lend money on such a risky venture. This is the argument for a federal guarantee of student loans. It brings lenders to the table. But because there is no credit history on which the loans are made, student loans are not part of the credit markets. They are part of a modern system of indentured servitude.
We demand an end to the student loan industry. We demand a 100% grant-based system for funding education instead. We demand that all debts be treated equally in bankruptcy courts. We demand bankruptcy discharge of all debts for rich and poor alike.
Poor and working class students have been targeted for financial destruction by their own government. We seek an end to this system of economic predation. Bankers are gorging themselves on the broken dreams of the poor and the vulnerable.
Should naive, inexperienced teenagers from marginalized segments of society be signing life-time non-dischargeable debt contracts with privileged, wealthy, experienced, middle-aged bankers? This maelstrom of exploitation and abuse will end.
The politicians have given the banksters a multi-trillion dollar bailout for their mortgage derivatives catastrophe. Fannie Mae and Freddie Mac received billion dollar bailouts. AIG was bailed out. The automakers were bailed out. Where is the bailout for defaulted students? The time is now and there will be action. Join our Facebook group, Student Loan Justice Portland, for information about meetings, events, and activism.”