A group of consumer advocates is suing both the Department of Education and America’s consumer watchdog for allegedly siding with predatory student loan servicers .
A group of consumer advocates is suing both the Department of Education and America’s consumer watchdog for allegedly siding with predatory student loan servicers over millions of indebted borrowers amid a $1.5 trillion student debt crisis.
“We are suing Education Secretary Betsy DeVos and CFPB Director Kathy Kraninger for ignoring student loan industry abuses at a time when stronger consumer protection laws are desperately needed,” Student Debt Crisis Executive Director Natalia Abrams said in a statement. “The Trump administration is breaking the law and our supporters can no longer trust the government to work in their best interests. They truly feel they have no one to turn to.
Trump officials accused of propping up a broken student loan systemThe group alleged three particularly egregious abuses: Kraninger failing to recognize that the CFPB has authority over all student loans and not just private loans, Kraninger hiring an industry insider to fill a role that looks after borrowers , and DeVos refusing to coordinate with the CFPB by revoking a Memorandum of Understanding and refusing to produce information relating to student loans.
Story continuesStudent loan borrowers have also alleged serious failures with the Education Department’s Public Student Loan Forgiveness program meant for public servants. Due to dismal acceptance rates in the single digits, the fiasco has resulted in a few lawsuits, including one from one of the largest teachers’ unions.
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