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Trump & DeVos Seek to Protect Student Loan Debt Collectors Accused of Fraud
The Department of Education exists to improve the quality of learning for all children which results in an enhanced future for all of us. Under the fake leadership of Trump, Betsy DeVos, and others, the Department of Education is making decisions directly against the interests of our students, our children, and our future in order to protect for-profit schools who fail them and loan servicing companies who ruin their lives seeking repayment. This is despicable and represent America at its absolute worst.
The Department of Education may issue a statement that federal law prohibits state governments from regulating companies that collect student debt on the department’s behalf, according to documents reviewed by Bloomberg. The proposal.... could aid publicly traded companies such as Navient Corp. and Nelnet Inc., which collect monthly payments and counsel borrowers.
Essentially, Navient and the like are being called on their unethical and unacceptable practice by numerous States and rather than change their behavior, they've called on the Trump-led Federal Government, which includes the likes of DeVos and Mick Mulvaney, to tell the States they have no rights to get in their way. Their direct relationships with these current leaders and their staff via prior employment, lobbying, and campaign contributions (ie bribery) are helping them get results. Those results from Trump's crew say that we ought to led the loan servicers do as they please, free from regulations that would create a fair environment for students...children!
The Education Department “seems to have taken a position that servicers are more important to the department than borrowers trying to repay the loans,” said Whitney Barkley-Denney, a lawyer at the North Carolina-based nonprofit Center for Responsible Lending.
A sampling of the responses:
Half of the nation’s state attorneys general, including some Republicans, urged Education Secretary Betsy DeVos to reject the student-loan industry’s requests to block state investigations into their businesses.
Attorneys general in Massachusetts, Illinois, Washington and Pennsylvania have filed lawsuits against the Education Department’s loan contractors, alleging consumer abuses.
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