Education Secretary Betsy DeVos favors debt collectors over students

The Wrong Move on Student Loans 

NYT Editorial Board April 6, 2017

College funding is the first time a youth must pay attention to the cost and the benefit of debt, giving debt collectors a nod of approval by offering no objection to the bold assertion that lenders have “no expectation that the servicer will ‘act in the interest of the consumer’ ” Education Secretary Betsy DeVos reveals her support profits over education.  Education debt is fundamentally unfair. Universities get money and a student; lenders get a guaranteed asset; students get a debt, giving the university and the bank all the advantages and the student all the risk. The loans open education doors they need not crush the graduate with crony capitalist debt.  There is no need to impose profit capitalism on students developing a career; this is an opportunity for People, Profit, Partnership Capitalism taking our youth from debt to prosperity so they can make something greater than paying off a debt to invent someting extrordinary to share the world.

 

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