U.S. Secretary of Education Betsy DeVos warned of the rising student debt as a ” looming crisis” in remarks given at the annual Federal Student Aid (FSA) Training Conference in Atlanta Tuesday.
“Our higher ed system is the envy of the world, but if we, as a country, do not make important policy changes in the way we distribute, administer, and manage federal student loans, the program on which so many students rely will be in serious jeopardy,” DeVos said in her speech at FSA, according to a transcript from the Department of Education.
The FSA is a part of the DOE that is responsible for the student loans given by the government, The Associated Press reported Tuesday.
DeVos added since the FSA’s establishment in 1965 to 2007 saw the student loan balance grow to $500 billion. The balance went to $1 trillion between 2007 and 2013. America’s student loan balance is currently $1.5 trillion.
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7 comments:
Why hasn't Common Core been REMOVED ?
How about less predatory loans? How about transparency with the student loan process? There's no way banks will make it easier for people when they make so much money by making it difficult.
Maybe start qualifying the borrowers.
People working as CNA's have borrowed $60,000 to $100,000 to make $11 an hour.
There are worse examples, too.
DON'T stick honest taxpayers with this crooked, stupid,, and misconceived wealth transfer (and that's all it really is).
Perhaps a class action lawsuit against the Universities that sold these worthless degrees.
It is crooked. The loan should have some accountability. Students use these funds for vacations; weddings;new cars etc. The money should go to the school direct. Schools should be held accountable for what they charge. If student drops out monies no used must goeb back to the bank. Students who abuse their student loans don't want to pay them back. They don't want to pay for something they cannot touch. Besides it is a entitlement. Stop all loans now.
8:20
You have it all figured out.
How about a little bit of freedom?
Why all of the Do’s and Don’ts?
You can start with SU. In addition to the useless degrees the tuition and exorbitant fees associated with going to school have gone out of control. For example, students are charged $600 per semester for an activities fee. For what? The last “concert” they had was 2012. They don’t have dances. Homecomings nor Spring formals. There’s also no place for kids to hang on the weekends. In the day, the tin can (bookstore and deli by day) turned into a nightclub at night. They had dancing, sports and beer at night. They also had a Vegas night at ruth powell where you got chips and played all the games you find in casinos short of slot machines. They have none of that. Now they have protests and comfort dog events where everyone sits around bitching about how nobody loves them. Everything is shrink oriented rather than just plain old fashion fun. Eshbach instated ridiculous rules and regs and this new chap doesn’t look like he’s going to stray from her path. Stupidity and ripping off students. With 12K students per semester, SU pockets roughly $7.2M in activities fees giving students absolutely ZERO! That is a sin!!!!
For that much they should be able to get headliner acts at least three times a year and throw one hell of a Homecoming and Spring Formal. Instead they pay over pay professors and grant crazy liberals tenure, ensuing they’ll be on the academic dole until retirement or death.
Yes, a class action suit would be well deserved and no better place to start is right in our own backyard.
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