USA news report: Student Loan Watchdog Quits, Says Trump Administration 'Turned Its Back' On Borrowers
Besides high medical care costs that threaten the happiness and peace of mind of poor and middle class families in USA and India, the other big problem for the poor and middle class, both in USA and India, is student debt.
I am very disappointed to read this news article, Student Loan Watchdog Quits, Says Trump Administration 'Turned Its Back' On Borrowers, https://www.npr.org/2018/08/27/642199524/student-loan-watchdog-quits-blames-trump-administration, 27th Aug. 2018.
The student loan ombudsman, Seth Frotman, said in his resignation letter: "Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting" .. "Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America."
The consumer mentioned above is the student in US universities who has taken a student loan!
The student loan industry volume is US $1.5 trillion!
I am very worried about predatory lending practices now possibly going unchecked with youth students being the target, in the USA. In India, the govt. somehow steps in in such matters, and so the student loan issue is not as big now (in relative terms) as it is in the USA but that could change in the future.
As a former free service faculty (designations of Honorary Staff, Honorary Faculty and Visiting Faculty) in a deemed university in India for around 9 years, I know that there is a great level of gap between what is taught to students and what is needed to get a decent job, in most educational institutions in India. So many passed out graduates struggle to get a job. If they are also under the burden of a big student loan, the double blow of no job and loan repayment EMI being due every month/quarter, can wreck a youngster's life.
And the problem is that higher education has become so expensive nowadays as compared to what it was two to three decades ago. So many students are not able to afford professional degree education (engineering, medicine, management) without a student loan!
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My Facebook post, https://www.facebook.com/ravi.s.iyer.7/posts/2273811332835431, associated with this blog post has a few comments.
I have given one of my comments from it, below:
Ravi S. Iyer wrote (slightly edited): --Names-snipped-- - Thanks for your comments.
Please note that I have a PUBLICLY (POLITICALLY) NEUTRAL informal-student-observer role in these posts that I put up about USA federal government policy. Of course, as I am an Indian citizen living in India, there is no question of me having voted in USA elections.
Further, please note that I have a PUBLICLY POLITICALLY NEUTRAL role in Indian politics too.
In this post my concern is about students of USA (and India) who get trapped in this horrible student debt problem. I browsed around to see if either Ms. Betsy Devos the Hon'ble Federal Education Secretary or some other top official associated with student loan policy in USA federal government have issued a rebuttal. I did not find anything so far. If and when they issue a rebuttal and explain what they are doing to protect students from this horrible debt trap, and I come to know of it, I will share it.
And I would be very happy if US President Trump himself looks into the matter and issues a statement. I will certainly share that if and when it happens, and I come to know of it. Note that the student debt problem has figured in the 2016 Presidential election campaigns and debates.
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I am very disappointed to read this news article, Student Loan Watchdog Quits, Says Trump Administration 'Turned Its Back' On Borrowers, https://www.npr.org/2018/08/27/642199524/student-loan-watchdog-quits-blames-trump-administration, 27th Aug. 2018.
The student loan ombudsman, Seth Frotman, said in his resignation letter: "Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting" .. "Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America."
The consumer mentioned above is the student in US universities who has taken a student loan!
The student loan industry volume is US $1.5 trillion!
I am very worried about predatory lending practices now possibly going unchecked with youth students being the target, in the USA. In India, the govt. somehow steps in in such matters, and so the student loan issue is not as big now (in relative terms) as it is in the USA but that could change in the future.
As a former free service faculty (designations of Honorary Staff, Honorary Faculty and Visiting Faculty) in a deemed university in India for around 9 years, I know that there is a great level of gap between what is taught to students and what is needed to get a decent job, in most educational institutions in India. So many passed out graduates struggle to get a job. If they are also under the burden of a big student loan, the double blow of no job and loan repayment EMI being due every month/quarter, can wreck a youngster's life.
And the problem is that higher education has become so expensive nowadays as compared to what it was two to three decades ago. So many students are not able to afford professional degree education (engineering, medicine, management) without a student loan!
---------------------------------------------------------------------------
My Facebook post, https://www.facebook.com/ravi.s.iyer.7/posts/2273811332835431, associated with this blog post has a few comments.
I have given one of my comments from it, below:
Ravi S. Iyer wrote (slightly edited): --Names-snipped-- - Thanks for your comments.
Please note that I have a PUBLICLY (POLITICALLY) NEUTRAL informal-student-observer role in these posts that I put up about USA federal government policy. Of course, as I am an Indian citizen living in India, there is no question of me having voted in USA elections.
Further, please note that I have a PUBLICLY POLITICALLY NEUTRAL role in Indian politics too.
In this post my concern is about students of USA (and India) who get trapped in this horrible student debt problem. I browsed around to see if either Ms. Betsy Devos the Hon'ble Federal Education Secretary or some other top official associated with student loan policy in USA federal government have issued a rebuttal. I did not find anything so far. If and when they issue a rebuttal and explain what they are doing to protect students from this horrible debt trap, and I come to know of it, I will share it.
And I would be very happy if US President Trump himself looks into the matter and issues a statement. I will certainly share that if and when it happens, and I come to know of it. Note that the student debt problem has figured in the 2016 Presidential election campaigns and debates.
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