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Student Loan Watchdog Quits, Blames Trump Administration
#1
Student Loan Watchdog Quits, Blames Trump Administration: "The federal official in charge of protecting student borrowers from predatory lending practices has stepped down."

https://www.npr.org/2018/08/27/642199524...nistration

Thomas Edison State University (TESU) 
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#2
Just end the student loan program completely. Private loans are much better as they won’t give you extra above and beyond tuition and require co-signers. It’ll eliminate the need for a nanny to oversee things.
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#3
This watchdog group oversees predatory lending regulation violations for private lenders.
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#4
Just end the federal student loan program. It has created a huge mess and debt. A failure like everything else Government touches.
MPSEconomics & Political Science— Bellevue University (40% done)
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#5
really long, with footnotes - but a worthwhile read!!

I think, however, his resignation is a bad idea and a little whiney.

When has someone leaving ever resulted in a "better" program? He should know better that when an advocate, especially someone who is really in front of a movement, steps away, things crumble. It takes someone with a bee in his bonnet to make changes- if what he says is true, than by leaving, it will get worse - not better.

To know that and leave anyway is....? I don't know... best thing I can think of is that he's lame.
Jennifer
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#6
The root problem here is that schools have ballooned their costs to ungodly proportions, which then forces people to get loans to even go to school in the first place.

Which came first, the loans or the price hikes? Probably the loans. The loans came first, then the prices hiked to reflect the new supply, then more loans came out, then... you get the picture.
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#7
(08-28-2018, 12:08 PM)Thorne Wrote: The root problem here is that schools have ballooned their costs to ungodly proportions, which then forces people to get loans to even go to school in the first place.

Which came first, the loans or the price hikes? Probably the loans. The loans came first, then the prices hiked to reflect the new supply, then more loans came out, then... you get the picture.

A similar thing happened with healthcare and health insurance.
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#8
(08-28-2018, 12:08 PM)Thorne Wrote: The root problem here is that schools have ballooned their costs to ungodly proportions, which then forces people to get loans to even go to school in the first place.

Which came first, the loans or the price hikes? Probably the loans. The loans came first, then the prices hiked to reflect the new supply, then more loans came out, then... you get the picture.

This is true. While I'm not trying to be political, Obama wanted to make college more accessible to everyone through increased access to funds. We see an improved access to Pell Grants (gifted money that does not need to be repaid if you meet income requirements) the other part of the program included higher lending limits - essentially allowing colleges to go crazy. It's the housing bubble all over again.
I just pulled up the Federal Student Loan page- the borrowing limits are "$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study."
So, as long as you keep rolling forward, you can borrow $138,500. Assuming it takes you exactly 6 years from day 1 of college until master's graduation, you've also accumulated a BOATLOAD of interest. Add in the grace period where no one repays anything, and now you're probably looking at $150k before you ever get started. Stretch that out for a few years if you're not yet working your dream job (thanks to the Obama "loan forgiveness" program) and you may or may not start repaying within the first few years post-MS. All of this assumes you actually graduated, which you aren't required to do.

Edit- I also forgot that the repayment programs were expanded, this is from 2016 and explains why paying back loans over a longer period of time costs more money (for those who haven't yet taken personal finance 101) https://money.cnn.com/2016/11/30/pf/coll...index.html
Jennifer
10-year member

MS Applied Nutrition, 2014 Canisius College, NY
Premed/Prenursing Sciences, 2011 Ocean County College, NJ
BA Social Science, 2008 Thomas Edison State University, NJ
AA General Studies, 2008 Thomas Edison State University, NJ
AOS Culinary Arts,1990 Culinary Institute of America, NY

Homeschooling for College Credit
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