Federal Student Loan Overseer Resigns Amid Controversy
The overall verdict from students everywhere is that college is not cheap. The usage of loans is a heavy practice- ask anyone on a college campus and good amount have taken out some kind of money to pay for classes. With loans also comes risks- getting conned out of money is a concern.
That being said, the idea that somebody who made sure students weren’t scammed out of their lives quit their job raises some eyebrows.
Seth Frotman worked for the Consumer Financial Protection Bureau the nations former student loan ombudsman, overseeing the Office for Students and Young Consumers, making sure students were protected from shoddy loan offers and private loan scams. He recently stepped down after holding the position for three years. The cause? The Trump administration.
Officials leaving the White House and citing the president as reason is not new news, and according to Frotmans letter of resignation, the administration has “used the Bureau to serve the wishes of the most powerful financial companies in America”. He went on to describe the administration made changes such as Undermining law enforcement, taking away its political independence, and “turning its back on young people and their financial futures”. But why does this matter?
For most, college and classes are a major luxury, but seen as a necessity. The price tag for a degree can be anxiety-inducing, and many look for loans to help pay for it. Unfortunately people can be cruel, but the whole idea of the office for students was to help students avoid drowning in unneeded, near criminal debt. This is just another case where the administrations tirade of nonsense has driven another person to just up and quit their job; Frotman wasn’t the first to do this, and will definitely not be the last.
Personally, as a loan-borrower, and as someone who worked hours and saved and scrimped along with my parents to give me the opportunity to even go to a university like Wittenberg, I’m not one bit surprised by this. The administration driving people who just want to make good is no longer a shock factor; it’s a basic headline that’s been tired out, used up and numbed. It’s been very clear that the administration only cares about corporation, so why in any way would it even give a bit of a damn about the thousands of students digging themselves into holes just to pay for an education?
Frotman helped return nearly 750 million dollars to students due to loan negligence, even though many of us didn’t even realize there was an office out there doing the work he did. Now that the rug has been pulled out from under us, the possibility of situations arising is not impossible. We’re lucky enough to go to a university that cares enough about its students to offer as much financial help as possible to extend the opportunity of an education to all types of people, but what about those who don’t? I’m not ashamed to say I definitely have had my fair share of conversations with financial aide, but I sure do hope that our presidential administration has a heart for students like us.