Betsy DeVos and Donald Trump give lenders the go-ahead to soak students for thousands in late fees
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.
Tags
Who is online
77 visitors
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.
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.
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.
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.
Get government out of the banking business eliminate the program completely.
Dean! hahahahaha - I always knew you were a hard core conservative.
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.
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.
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.
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.
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.