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DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency (1 Viewer)

ThoughtEx.

ThoughtEx.

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Wayne A. Johnson will be the new head of Federal Student Aid after James Runcie abruptly resigned last month, the U.S. Department of Education announced this week. FSA is the agency responsible for administering $1.4 trillion in outstanding student loans from 42 million borrowers, plus other aid programs for millions of college students.

As not mentioned in the department's press release, and first reported by Buzzfeed, Johnson is currently the CEO of Reunion Financial Services Corporation, a private student loan company.
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DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency : NPR Ed : NPR

I don't know anything about the guy, but my first thought is, why would we want the fox running the hen house? Student debt is already out of control, how does it make sense to put one of the guys driving the machine that is making it out of control in charge of protecting our kids from himself.

Article then goes on to talk about students being denied their rights regarding the Public Service Loan Forgiveness because of "servicing breakdowns". And then about a probe launched by the US Commission on Civil Rights, a watchdog group authorized by Congress, naming Devos because of her failure to commit to enforce federal civil rights laws and how student civil rights will be affected once the administrations education cuts take hold.

Meanwhile everyone is arguing over what Jonny Depp said. Who cares about some hipster actor and his fantasies. We're getting screwed over, while everyone is bickering over nonsense.
 
Governance of the corporations, by the corporations, for the corporations.
 
There we go.


THIS why I voted Trump, lol. Enough of this slowly getting worse, ****. Turn the heat up to broil, and be done with it.
 
ThoughtEx. said:
DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency : NPR Ed : NPR

I don't know anything about the guy, but my first thought is, why would we want the fox running the hen house? Student debt is already out of control, how does it make sense to put one of the guys driving the machine that is making it out of control in charge of protecting our kids from himself.

Article then goes on to talk about students being denied their rights regarding the Public Service Loan Forgiveness because of "servicing breakdowns". And then about a probe launched by the US Commission on Civil Rights, a watchdog group authorized by Congress, naming Devos because of her failure to commit to enforce federal civil rights laws and how student civil rights will be affected once the administrations education cuts take hold.

Meanwhile everyone is arguing over what Jonny Depp said. Who cares about some hipster actor and his fantasies. We're getting screwed over, while everyone is bickering over nonsense.
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Student loans are out of control because of loan companies? Why not because of colleges and universities charging an arm and a leg to step foot on their campus?
 
Josie said:
Student loans are out of control because of loan companies? Why not because of colleges and universities charging an arm and a leg to step foot on their campus?
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tuition at UT, where I went for undergrad was only 4 grand a year. 10 grand if you took student housing. I took out a loan of 2 grand for books, so far I've paid about 11 grand to that loan company for those books. Everytime I think I've paid it off, I find out they left money on the balance a few years later when they are telling me I still owe them. Done it to me 4 times, ruined my credit.

And I can't shake it, I've sued them twice. Couldn't declare bankruptcy because they are literally my only debt. This last time I paid 500 dollars over what they said I owed them. Just to see if that will get them to leave me alone. I totally expect a phone call next year from a collection agency, just the same.

So please, I know you mean well, but it wasn't my college that screwed me. They gave me a scholarship that covered everything but books. The loan company I went to for the money for those books is who screwed me.
 
Josie said:
Student loans are out of control because of loan companies? Why not because of colleges and universities charging an arm and a leg to step foot on their campus?
Click to expand...


I read somewhere that the potential amount for unpaid student loans totals ~$1 TRILLION :shock: ..........

then I read some other articles that said many want to 'forgive' the payments for these loans

then I was asking myself, "why the **** didn't I get a student loan?"
 
ThoughtEx. said:
tuition at UT, where I went for undergrad was only 4 grand a year. 10 grand if you took student housing. I took out a loan of 2 grand for books, so far I've paid about 11 grand to that loan company for those books. Everytime I think I've paid it off, I find out they left money on the balance a few years later when they are telling me I still owe them. Done it to me 4 times, ruined my credit.

And I can't shake it, I've sued them twice. Couldn't declare bankruptcy because they are literally my only debt. This last time I paid 500 dollars over what they said I owed them. Just to see if that will get them to leave me alone. I totally expect a phone call next year from a collection agency, just the same.

So please, I know you mean well, but it wasn't my college that screwed me. They gave me a scholarship that covered everything but books. The loan company I went to for the money for those books is who screwed me.
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You should've called the company and demanded in writing how much your balance was and paid it off. Some loan companies are scumbags, true. You have to be smart about how you deal with them. Get everything in writing.

But the cost of going to college is HUGE in many places. I left college with $63,000 in debt.... and that was 15 years ago.
 
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Josie said:
You should've called the company and demanded in writing how much your balance was and paid it off. Some loan companies are scumbags, true. But the cost of going to college is HUGE in many places. I left college with $63,000 in debt.
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I had it in writing, for both of my lawsuits against them. They claimed I took so long to pay it that the balance reflected had changed. I took so long to pay, because I was getting a lawyer which cost me 5 grand to fight it. Because I already paid it.

But how much of that 63,000 was actually tuition and how much of it was student housing. Most colleges don't actually charge to much for the tuition. Unless you went to a fancy school. But then you're paying for the name more than anything else.
 
ThoughtEx. said:
I had it in writing, for both of my lawsuits against them. They claimed I took so long to pay it that the balance reflected had changed. I took so long to pay, because I was getting a lawyer which cost me 5 grand to fight it. Because I already paid it.
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You had it in writing how much the remaining balance was, you paid it and then they said you didn't pay it? Sounds like you won if you showed proof that you paid what they sent you in writing.

ThoughtEx. said:
But how much of that 63,000 was actually tuition and how much of it was student housing. Most colleges don't actually charge to much for the tuition. Unless you went to a fancy school. But then you're paying for the name more than anything else.
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I went to a private school so, yes, it was much more expensive. Mine was higher than average, for sure. What I'm saying is that it wasn't the loan companies that cause me to have $63K in debt -- it was the school that I chose. If I had to do it all over again, I would've gone to a much less expensive school and paid them off sooner.
 
Josie said:
You had it in writing how much the remaining balance was, you paid it and then they said you didn't pay it? Sounds like you won if you showed proof that you paid what they sent you in writing.



I went to a private school so, yes, it was much more expensive. Mine was higher than average, for sure. What I'm saying is that it wasn't the loan companies that cause me to have $63K in debt -- it was the school that I chose. If I had to do it all over again, I would've gone to a much less expensive school and paid them off sooner.
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If only you were the judge for my lawsuits I wouldn't be so bitter...

Have you read your student loan agreements, mine was bs, after I stopped paying because I thought I had it payed off my interest rate shot through the roof. I think I ended up around 26 percent interest, up from 7 percent. That's how it kept snowballing on me.

If I had to do it all over again, I would've gotten a job delivering pizzas to pay for my books.
 
Josie said:
Student loans are out of control because of loan companies? Why not because of colleges and universities charging an arm and a leg to step foot on their campus?
Click to expand...

Loan companies profiting from such price gouging is the problem. If the Govt. guarantees them what possible excuse is there for bankers to make a profit from them? You don't think loan companies like those outrageous tuition's and the profits it makes them?
 
cuban smokes said:
I read somewhere that the potential amount for unpaid student loans totals ~$1 TRILLION :shock: ..........

then I read some other articles that said many want to 'forgive' the payments for these loans

then I was asking myself, "why the **** didn't I get a student loan?"
Click to expand...

LOL You are kicking yourself for not being more greedy? Go into politics in the party of greed then. There is always more room for greed in the GOP.
 
All it would take to remedy the student loan situation would be to undo the Reagan era policy adjustments. Prior to that, colleges were beholden to tuition freezes and schools were actually affordable.

But just like health care, the price of education has become overvalued and college campuses are becoming amusement parks.

The student loan bubble is a huge liability in our polity, permitted by financial policy that enables greed and price hikes. Student borrowers aren't allowed to declare bankruptcy, so their lives are forever ruined if they can't pay back the loans... which means college degrees have become a volatile market.

If the incoming head of the Federal Aid Agency does not create more sensible policy, we could have a real mess on our hands.
 
iguanaman said:
Loan companies profiting from such price gouging is the problem. If the Govt. guarantees them what possible excuse is there for bankers to make a profit from them? You don't think loan companies like those outrageous tuition's and the profits it makes them?
Click to expand...

Our kids are commodities to be exploited, this is what american "capitalism" has come to, societal wealth extraction and redistribution to the donor class.
 
ThoughtEx. said:
DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency : NPR Ed : NPR

I don't know anything about the guy, but my first thought is, why would we want the fox running the hen house? Student debt is already out of control, how does it make sense to put one of the guys driving the machine that is making it out of control in charge of protecting our kids from himself.

Article then goes on to talk about students being denied their rights regarding the Public Service Loan Forgiveness because of "servicing breakdowns". And then about a probe launched by the US Commission on Civil Rights, a watchdog group authorized by Congress, naming Devos because of her failure to commit to enforce federal civil rights laws and how student civil rights will be affected once the administrations education cuts take hold.

Meanwhile everyone is arguing over what Jonny Depp said. Who cares about some hipster actor and his fantasies. We're getting screwed over, while everyone is bickering over nonsense.
Click to expand...

We need to shut down the Dept of Ed. as soon as possible.
 
ThoughtEx. said:
tuition at UT, where I went for undergrad was only 4 grand a year. 10 grand if you took student housing. I took out a loan of 2 grand for books, so far I've paid about 11 grand to that loan company for those books. Everytime I think I've paid it off, I find out they left money on the balance a few years later when they are telling me I still owe them. Done it to me 4 times, ruined my credit.

And I can't shake it, I've sued them twice. Couldn't declare bankruptcy because they are literally my only debt. This last time I paid 500 dollars over what they said I owed them. Just to see if that will get them to leave me alone. I totally expect a phone call next year from a collection agency, just the same.

So please, I know you mean well, but it wasn't my college that screwed me. They gave me a scholarship that covered everything but books. The loan company I went to for the money for those books is who screwed me.
Click to expand...

I think you chose the wrong loan company then. Buyer beware.
 
Here's the student loan situation:

1. Universities can raise tuition beyond inflation year after year to where college now is exponentially more expensive than when past generations went.
2. The government gives pretty much enough in loans to cover tuition + living expenses.
3. Many students who graduate do not get the entry level "middle class blue collar jobs" previous generations got. Many intern or start at the bottom doing jobs that don't utilize their degree due to a poor employment market/obtaining a degree not in demand.
4. Student loan interest is insanely high. The government/lenders reap profits on this and it's one of the few loans you cannot bankrupt on.

Even with repayment plans the government will come out profiting, the universities will come out charging more, and students are left screwed carrying the bill. Even with income based repayment any leftover amount is taxed. In nearly all cases the government is still making a big profit. Students don't care enough/aren't vocal enough about the student loan debt crisis and spend their college years being irresponsible and their young adult years complaining without much action.
 
Fenton Lum said:
Our kids are commodities to be exploited, this is what american "capitalism" has come to, societal wealth extraction and redistribution to the donor class.
Click to expand...

It does amount to indentured servitude and that is why most enlightened nations offer free college. What better investment in the future is there? I'm afraid there are too many who see no future as we know it. It's telling that the Constitutions of many of Europe largest country were virtually written by us after the war and they have done a better job living up to OUR ideals than we have. They are enjoying universal HC and take more vacations,and their strong Unions negotiate in 3 way talks with both management with the Govt. as referee. Not to mention that from mass transit to green energy they are far ahead of us. I have watched the rich rise after Reagan and as they rose, the rest of us fell and we are still falling. I fear that reversing that trend is our only hope.
 
Free college has to come with conditions.

For one, it needs to focus on marketable degrees. English Lit majors working at Starbucks can't pay back their student loans because their degree and skills are worthless. Giving them that degree for "free" would only leave the government broke instead of the graduates.

Second, there needs to be some condition related to need. This is just to keep the costs in line by not throwing charity at millionaires.

Finally, the grants have to rest on demonstrated academic potential, abilities, and success. If you don't have the motivation and skill to complete the education program and get the degree, no amount of free schooling is going to help you.

Free college tied to the above conditions would be a step to fixing the impending crisis (a nation full only of unskilled, hopelessly-indebted idiots).

As to fixing the problem we already have? **** if I know. But it probably doesn't start with giving Saruman the keys to the Shire.
 
Josie said:
Student loans are out of control because of loan companies? Why not because of colleges and universities charging an arm and a leg to step foot on their campus?
Click to expand...

You mean like Trump University and its hand picked professors?
 
ThoughtEx. said:
tuition at UT, where I went for undergrad was only 4 grand a year. 10 grand if you took student housing. I took out a loan of 2 grand for books, so far I've paid about 11 grand to that loan company for those books. Everytime I think I've paid it off, I find out they left money on the balance a few years later when they are telling me I still owe them. Done it to me 4 times, ruined my credit.

And I can't shake it, I've sued them twice. Couldn't declare bankruptcy because they are literally my only debt. This last time I paid 500 dollars over what they said I owed them. Just to see if that will get them to leave me alone. I totally expect a phone call next year from a collection agency, just the same.

So please, I know you mean well, but it wasn't my college that screwed me. They gave me a scholarship that covered everything but books. The loan company I went to for the money for those books is who screwed me.
Click to expand...

That just doesn't sound possible.
 
Hatuey said:
You mean like Trump University and its hand picked professors?
Click to expand...

I don't know much about it, but I wouldn't be surprised.
 
Josie said:
I don't know much about it, but I wouldn't be surprised.
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Well, I'm sure you'll be surprised to find out that our current president picked out a bunch of professors for an university that didn't exist, and then charged people an arm and a leg to go there.

Pretty sure the whole thing is being investigated or has a lawsuit or two happening. Not sure how you could have missed it. It's been on the news in one way or another for years.
 
Hatuey said:
Well, I'm sure you'll be surprised to find out that our current president picked out a bunch of professors for an university that didn't exist, and then charged people an arm and a leg to go there.

Pretty sure the whole thing is being investigated or has a lawsuit or two happening. Not sure how you could have missed it. It's been on the news in one way or another for years.
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Yes, I know it was in the news. I just don't much about it.
 
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