Betsy DeVos and Donald Trump give lenders the go-ahead to soak students for thousands in late fees

jwc2blue
By:  @jwc2blue, 2 months ago
Comments: 33 ..

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http://www.dailykos.com/stories/2017/3/18/1644592/-Betsy-DeVos-and-Donald-Trump-give-lenders-the-go-ahead-to-soak-students-for-thousands-in-late-fees

WASHINGTON, DC - FEBRUARY 14:  U.S. Secretary of Education Betsy DeVos (R) speaks as President Donald Trump (L)  listens during a parent-teacher conference listening session at the Roosevelt Room of the White House February 14, 2017 in Washington, DC. The White House held the session to discuss education.  (Photo by Alex Wong/Getty Images)

 

 

Donald Trump and Betsy DeVos

Donald Trump’s Education Department has swung into action on student debt … to make things worse for students and better for predatory lenders. The Education Department is rolling back an Obama-area policy that prevented lenders from charging thousands of dollars in fees to borrowers who miss payments. This is what the Trump regime wants to return us to:


USA Funds, then the country’s largest guarantor of indirect federal loans, sued the Education Department in 2015 for the right to charge a fee as high as 16% to people who had started to repay their loans within 60 days of defaulting. The woman at the center of the case had tried to repay her loans just 18 days after she was told she had gone into default — and then was hit with $4,500 in fees on a loan of $18,000.


As Sen. Elizabeth Warren established very clearly during Education Secretary Betsy DeVos’ confirmation hearing, neither DeVos nor any of her children has ever had to take out a student loan—no surprise there, since both DeVos and her husband come from massively wealthy families. Of course, you shouldn’t have to have had it happen to you to understand that it’s a problem to be $4,500 in fees on an $18,000 loan that you’re struggling to pay to begin with. But that’s how Republicans work. It only matters if it happens to them. If it happens to the peons who weren’t crafty enough to be born to millionaire or billionaire parents, it doesn’t matter and companies should be able to squeeze every last dime out of them.

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jwc2blue
link 03/18/17 02:01:42PM @jwc2blue:

The two most unqualified people to ever hold office in the Federal Govt. screw the little guy over once again.

Make America Greedy Again!

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Bob Nelson
link 03/19/17 07:04:34PM @bob-nelson:

Get used to it.

You're looking at America's future.

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Kavika
link 03/18/17 02:23:05PM @kavika:

Her support of vouchers for religious schools has Evangelicals salivating over it. A chance to get paid for indoctrinating a whole generate of single minded ''greater than thou'' idiots.  

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jwc2blue
link 03/18/17 02:32:28PM @jwc2blue:

Her support of vouchers for religious schools has Evangelicals salivating over it.

Public money going to religious schools. I smell a SCOTUS ruling.

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The_Jewel
link 03/18/17 02:38:32PM @the-jewel:

Unfortunately we gotta have it.  One of the few places where teachers are held accountable.

Do away with tenure and I am back in the no voucher camp.

 

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jwc2blue
link 03/19/17 12:45:22PM @jwc2blue:

One of the few places where teachers are held accountable..

Then let the parents sending their kids to private and/or religious schools pay for it.

I should not have to support cults.

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Dean Moriarty
link 03/19/17 12:51:31PM @dean-moriarty:

I'm all for ending all public funding for education. I don't want to be stuck funding the public education cult of liberal teachers. 

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Hal A. Lujah
link 03/19/17 01:34:17PM @hal-a-lujah:

That's interesting.  Then what?

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jwc2blue
link 03/19/17 02:46:33PM @jwc2blue:

Then what?

Exactly. That is where libertarianism always falls apart.

The right has been very diligent about convincing some that "fees" are better than "taxes" because government is not involved. Unfortunately, they fail to take into consideration that government is not motivated by profit, but success while a privatized program cuts the  levels of performance in order to maximize profit.

Representatives that support programs or have them operate in their state have a vested interest in seeing them succeed, while private companies are only interested in profit, and will loot a privatized program and sell it to the highest bidder when it ceases to make them as much money as they want. 

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Randy
link 03/19/17 06:46:31PM @randy:

Then let the parents sending their kids to private and/or religious schools pay for it.

I should not have to support cults.

Absolutely right! If you want your child to go to a private school then pay for it yourself. If you want your child to go to a religious school then pay for it yourself or pass the hat at your church for the tuition. They should be happy to pay for it. Right?

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Randy
link 03/19/17 06:50:00PM @randy:

A chance to get paid for indoctrinating a whole generate of single minded ''greater than thou'' idiots. 

Who all believe that the Earth is about 7,000 year old, that Adam and Eve were real and that humans co-existed with dinosaurs. The missing years of Jesus in the New Testament are easy to explain. That's when he was running all over the world burying fossilized bones to confuse modern scientists.

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Hal A. Lujah
link 03/18/17 02:38:03PM @hal-a-lujah:

They should have taken Romney's advice and just got a loan from their parents.  All parents are capable of that, if you're a clueless silver spoon conservative.

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The_Jewel
link 03/18/17 02:40:24PM @the-jewel:

I say fuck 'em.  Why don't think about a way to make education affordable instead of the opposite like they did with health care.

If you want to know who is ripping off the students, look no further than that complete left wing fukwad Reich.

 

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magnoliaave
link 03/19/17 11:33:01AM @magnoliaave:

This is one subject I have a lot to say about.  My two boys both had student loans.  Paid back in full!  Was it easy?  Of course, not.  Late fees?  Better believe it and was no different than paying late fees to a credit card company or the "library". 

Higher education is not cheap.  If you can't afford full time, then, go part time.  It might take longer, but in the end you will have achieved your goal. 

No free ride.....pay back your debt. 

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jwc2blue
link 03/19/17 02:55:01PM @jwc2blue:

This is one subject I have a lot to say about.

Then I'd love to hear what you have to say about this.

http://www.dailykos.com/stories/2017/3/17/1644592/-Betsy-DeVos-and-Donald-Trump-give-lenders-the-go-ahead-to-soak-students-for-thousands-in-late-fees

USA Funds, then the country’s largest guarantor of indirect federal loans, sued the Education Department in 2015 for the right to charge a fee as high as 16% to people who had started to repay their loans within 60 days of defaulting. The woman at the center of the case had tried to repay her loans just 18 days after she was told she had gone into default and then was hit with $4,500 in fees on a loan of $18,000.

 Late fees?  Better believe it and was no different than paying late fees to a credit card company or the "library". 

Really? If I had a credit card that charged me 25% of the value of the outstanding balance because I was 18 days late, I think I'd get rid of that damn card. And the "library?" What public library has ever charged more than a few pennies on a book that was overdue for a year or longer? I call BS.

As Sen. Elizabeth Warren established very clearly during Education Secretary Betsy DeVos’ confirmation hearing, neither DeVos nor any of her children has ever had to take out a student loan—no surprise there, since both DeVos and her husband come from massively wealthy families. Of course, you shouldn’t have to have had it happen to you to understand that it’s a problem to be $4,500 in fees on an $18,000 loan that you’re struggling to pay to begin with. But that’s how Republicans work. It only matters if it happens to them. If it happens to the peons who weren’t crafty enough to be born to millionaire or billionaire parents, it doesn’t matter and companies should be able to squeeze every last dime out of them.

 

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magnoliaave
link 03/19/17 06:16:45PM @magnoliaave:

Not how the Republicans work, but how economics work.

You want an education, then, damn well pay for it.  I did.  My parents couldn't send me to college....oh, poor me.  But, I did go to college as an adult and it took me a very long time.  Classes here and classes there.  Where did it end up?  A master's degree in English literature...my passion. 

You didn't pay one iota for my education.  I didn't ask my parents and I sure didn't ask you.

Bull is what I call it.  You want a degree, then, work for it. You want me to give you free higher education....you are out of luck. 

 

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magnoliaave
link 03/19/17 06:21:02PM @magnoliaave:

Just stop with the billionaire/millionaire stuff.  Most of us don't have that and you know it.  And, if you are lucky to fit into that category more power to you.

I have never in my life begrudged anyone for having money.  If I want it, then, I better be smart enough to get it. 

A cop out for bringing In the wealthy's ability to have a lifestyle and perks that we don't have. 

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jwc2blue
link 03/20/17 11:52:19AM @jwc2blue:

The rich don't take out student loans, so I don't know what you think your point is.

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Perrie Halpern R.A.
link 03/20/17 12:55:13PM @perrie-halpern:

This is a crazy discussion.

The question isn't if you should pay back your student loans. Of course you should. The question is usurious rates for late payments. If your credit card company did that to you, you would be screaming bloody murder. 

Student loans are only taken by people who can't afford college education... and while we are trying to make america great again, having doctors, engineers, teachers, computer tech people, is part of that. We don't have enough people in the sciences and maths to fill positions in this country, hence why we are having more STEM high schools. 

I hate this stupid political rhetoric that says that if it doesn't concern me, we are not concerned... except it does.. we are talking about our work force ultimately, and we are behind in the world when it comes to these fields and education over all.   

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Kavika
link 03/20/17 01:00:56PM @kavika:

Most of our STEM graduates are coming from India and China.

That will fill the void...MAGA

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Perrie Halpern R.A.
link 03/20/17 01:10:28PM @perrie-halpern:

Most of our STEM graduates are coming from India and China.

Outsourcing is one of our biggest problems and this is one of the reasons why.

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Kavika
link 03/20/17 01:16:34PM @kavika:

Both China and India have surpassed Mexico as the largest group immigrating to the U.S.

A scary thought for the MAGA crowd.

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Anita Blackman
link 03/20/17 01:04:58PM @anita-blackman:

I took out a student loan a few years ago because I saw an ad for it while watching my favorite show "The Wendy Williams Show". I was certified to become a court transcriber just like the ad said and it turned out that the certification was worthless. I couldn't get a job anywhere. $7000 down the drain in loans. I'm not paying it, it was a scam probably put on by greedy Republicans.

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Perrie Halpern R.A.
link 03/20/17 01:16:19PM @perrie-halpern:

Anita, 

I am sorry for what happened to you. Unfortunately, these tech schools are not properly vetted and a lot of people are getting scammed. Being an educated consumer is important, but most people don't think they can trust a school of higher education. 

Defaulting on a loan is never a good thing. I would try other avenues, like taking it to a consumer board first. 

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Anita Blackman
link 03/20/17 01:50:45PM @anita-blackman:

I just can't afford to repay the loan, I thought I was too old but found out I was pregnant shortly after. Most people assume I'm grandmother but I'm Mom.

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Dean Moriarty
link 03/19/17 11:42:41AM @dean-moriarty:

Get government out of the banking business eliminate the program completely. 

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PJ
link 03/19/17 11:49:30AM @pj:

Dean!   hahahahaha - I always knew you were a hard core conservative.  chuckle

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jwc2blue
link 03/19/17 12:21:54PM @jwc2blue:

Dean is a classic libertarian.

Born on third base and believes he hit a triple.

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Perrie Halpern R.A.
link 03/20/17 12:55:52PM @perrie-halpern:

Dean,

What do you call The Fed? Of course it is.

And the majority of these usurious loans are not done by our government, but independent banks.

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PJ
link 03/19/17 11:44:51AM @pj:

This is how they will broaden the divide between social classes.  Keep the kids stupid and beholden to their overload.  

I will say that I think the younger generation has some real issues of entitlement and it makes me nervous how they have been trying to shut down free speech on the campuses.  They are starting to become as intolerant as conservatives.   

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Hal A. Lujah
link 03/19/17 11:58:51AM @hal-a-lujah:

My dad was a professor at a state university.  I heard all about the massive waste that goes on there.  The President of the university had a liquor bill that ran over $100k per year.  The deans offices were lavishly decorated with ridiculous furnishings.  To compensate for those greedy expenditures, the professors were pressured by the deans (i.e. lapdogs) to pass students who had no business being in their classes, because they couldn't handle the curriculum.  There's a reason why higher education is not affordable.  It's all integral to the dumbing down of America.

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magnoliaave
link 03/19/17 06:25:26PM @magnoliaave:

Really?  I worked for a University who sported around all PH.d's.  Their salaries were pitiful.  The poor educated professor!  Academia at its finest. 

 

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One Miscreant
link 03/19/17 07:31:52PM @one-miscreant:

Sounds like the "new and improved" predatory lending practices, of private student loan programs, must be just around the corner. When Georgie Boy's budget, cut the federal Stafford program and deregulated private lenders, he let them have their way with honest hardworking students. Congress clamped down on predatory practices by the private lenders, at that time, when calls tho their offices flooded them with complaints. The banks missed the harassment calls and overcharges. 

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