Target: Betsy DeVos, Secretary of Eduation
Goal: Don’t remove protections for student loan borrowers.
Betsy DeVos, the Secretary of Education, has undone policies put in place under Barack Obama that protect student loan borrowers. These policies were initiated after complaints from borrowers; they encouraged loan companies to provide higher-quality service to students who borrowed money for their educations.
DeVos withdrew three memos focusing on stronger protection for student loan borrowers. They held companies responsible for providing accurate and timely information to borrowers about their loans and repayment plans. They also created financial incentives for borrowers most at-risk of defaulting on their loans, and demanded routine audits and compliance reviews for loan companies.
As Alexis Goldstein of Americans for Financial Reform stated to the Chicago Tribune, “In order to have accountability, there must be real consequences when servicers violate the law. DeVos’ actions today moves us away from true accountability, and creates dangers for the very student loan borrowers the department is responsible for protecting.” DeVos has shown a consistent lack of understanding and experience regarding the federal department she now runs, and removing these protections has created more financial risk for those with student loans. Sign the petition below to demand a reversal of this decision.
Dear Secretary DeVos,
You recently undid important Obama-era protections for student loan borrowers, including memos that called for audits and compliance reviews of loan companies, as well as policies that held companies responsible for providing accurate and timely debt information to borrowers.
These protections were put in place by the Obama administration due to complaints regarding a lack of transparency between loan companies and student borrowers. Your removal of these protections puts those with student debt at higher risk of not understanding the nature of their loans or repayment plans. In fact, this decision goes against the very nature of your job as Secretary of Education: rather than help U.S. students, you have complicated their pursuit of higher education.
I urge you to reconsider the removal of these important student loan protections. The pursuit of higher education is not something that should be denied to American citizens based on their income, and our Education Secretary should not be in the business of making it more confusing and difficult to pay back student loans. I ask that you keep in mind that you work for educators and students, not loan companies.
[Your Name Here]
Photo Credit: Gage Skidmore