Thousands sign online petition calling for student loan cancellation

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An online petition calls on the president to write off billions in student loan debt through executive order.

In Indiana alone, the Department of Education said more than 800,000 Hoosiers had student loans totaling more than $ 28 billion.

A petition calls on the president to write off student loan debt, saying it would inject $ 100 billion into the US economy over the next 10 years.

Matt Will, a professor at the University of Indianapolis, said the organization behind the push has been around for about 15 years and is growing.

“There’s a fringe group out there that started a petition and it got pretty successful,” Will said. “It started at the Democratic National Convention. Their goal is to get a million names. They are missing a few hundred thousand people to reach their target.

Will questioned the wisdom of forgiving student loans on such a large scale.

“The economic consequences of constantly giving handouts – that’s just not a good thing,” he said. “This isn’t a bunch of people who are necessarily in dire need – no, the petition wants all student loans across the country wiped out – that sounds a bit extreme and really not good public policy.”

The petition collected more than 560,000 signatures so far towards its goal of 1 million.

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