Olde Hornet
Well-Known Member
http://www.gq.com/story/betsy-devos-just-made-it-harder-to-pay-back-your-student-loans/amp
During the Obama administration, the number of people defaulting on their student loans grew astronomically. According to Bloomberg, the number was somewhere in the vicinity of 8.7 million people, which roughly translates to someone defaulting every 29 seconds. So what did President Obama do? He put in place policy memos that directed the Federal Student Aid Office to shift its focus, spend less time on debt collection, and help borrowers find ways to manage debt with repayment plans and other techniques.
That sounds great, right? The government treating the people it lent money to as people and not accounts to be paid. Who could have a problem with that? Why, Betsy DeVos, of course. Everyone's favorite underqualified secretary of education wants no part of such things. In order to cut costs, DeVos has decided that she's going to throw Obama's plans out the window and, as is becoming a theme with this administration, she has no replacement plan ready to go
During the Obama administration, the number of people defaulting on their student loans grew astronomically. According to Bloomberg, the number was somewhere in the vicinity of 8.7 million people, which roughly translates to someone defaulting every 29 seconds. So what did President Obama do? He put in place policy memos that directed the Federal Student Aid Office to shift its focus, spend less time on debt collection, and help borrowers find ways to manage debt with repayment plans and other techniques.
That sounds great, right? The government treating the people it lent money to as people and not accounts to be paid. Who could have a problem with that? Why, Betsy DeVos, of course. Everyone's favorite underqualified secretary of education wants no part of such things. In order to cut costs, DeVos has decided that she's going to throw Obama's plans out the window and, as is becoming a theme with this administration, she has no replacement plan ready to go
