Tell Secretary DeVos & the Department of Education to protect student borrowers
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Dear Secretary DeVos,
During your recent "Rethink School" tour, we hope you had a chance to consider student interests ahead of Wall Street’s when it comes to protections against the student loan industry abuses many will face when they head off to college.
Higher education is key to helping students achieve good-paying jobs and a secure financial future. Unfortunately, the rising costs of higher education are causing families to take on more and more student loan debt. Abuses in loan servicing have contributed greatly to the increase in debt. This debt not only impacts a borrower’s monthly budget, but also delays their ability to buy a home or start a business.
Yet you and the Department of Education have taken several steps to roll back existing protections for students borrowers.
It's time to put families before Wall Street. We are calling on you and your Department to address documented abuses by student loan servicers and for-profit colleges — specifically:
- Uphold states’ rights to address abuses by student loan servicing companies operating within their borders.
- Do not roll back existing federal protections against student loan servicing abuses, and reinstate the safeguards against companies with a history of fraudulent and illegal practices.
- Do not roll back the Gainful Employment rule, which protects students and taxpayers from abuses by for-profit colleges that saddle students with crushing debt without providing a useable degree.
- Do not roll back the Borrower Defense rule, which will provide fairness and relief to students who attended fraudulent for-profit colleges and are in limbo as to whether they will have their debt discharged or not.
- Maintain the important relationship between the Department of Education and the Consumer Financial Protection Bureau, a leader in protecting students and borrowers from unscrupulous schools, lenders, and servicers.
We would appreciate the opportunity to discuss this with you.
New Era Colorado
NAACP Colorado Montana Wyoming State Area Conference
Interfaith Alliance of Colorado
Colorado Fiscal Institute
Colorado Center on Law and Policy
Center for Responsible Lending
The Bell Policy Center
American Federation of Labor and Congress of Industrial Organizations – Colorado
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