Things aren’t looking good for education, higher or lower.
Seth Frotman, in a scathing resignation letter to acting director Mick Mulvaney, says the agency “has turned its back on young people and their financial futures."
The proposal, which aims to replace a set of Obama-era rules that were never implemented, draws praise from the for-profit college industry but sharp criticism from advocacy groups that represent student borrowers.
Last week, the administration began what reformers fear is the dismantling of an Obama-era initiative to crack down on lending abuses.
The price of a college education, even at public universities, is out of control, causing many Americans to question whether college degrees pay off.
The Consumer Financial Protection Bureau has quickly been subsumed into the Trump administration, and banks, student-loan agencies and payday lenders are the winners.
The Education Department says payments to those defrauded by for-profit colleges may be cut by 60 percent under a plan to provide only partial forgiveness on some claims.
To get fair credit terms, students need to know their rights and mobilize. They can demand better terms through state-owned banks.
Higher education has been transformed from a public service into a lucrative cash cow for private investors.