![]() They observed that Black college graduates amass over $7,000 more on average than White students, and that amount of debt triples within four years. In a 2016 Brookings’ report by Judith Scott-Clayton and Jing Li they analyzed the disproportionate level of debt Black students accumulate in comparison to their White peers with similar degrees. ![]() Her newest memo effectively eliminates the previous memorandums which simplified the repayment process of debts, created protections for borrowers, and evaluated the quality of service providers.ĭeVos’ memo also failed to include policies that would replace the ones she withdrew. The protections enacted by the Obama administration had clear intentions: To provide borrowers with alternative ways to manage their debt, and to hold lenders accountable by ensuring they did not engage in unethical and predatory practices.īetsy is relinquishing lenders of accountability, and consequently making some of our country’s most vulnerable borrowers even more defenseless. I know what it feels like to be misinformed and misled by lenders to feel harassed so consistently by phone calls that a vibration from my phone struck me with anxiety. Over the years, I cannot count the amount of times I’ve pressed the ignore button, or the amounts of letters I’ve stashed in the nooks of dressers and drawers and shoeboxes. I know what it feels to be on the brink of default. The lyrics overwhelm me. They resonate with me too closely. ![]() The lyrics above played in my head as I read post after post about Betsy DeVos’ letter to the Federal Student Aid office informing them of her withdrawal of student loan protections. "Ay Sallie, I know I ain't been answering your calls But -, let me explain- it's because times been hard Been running around trying find a job I hear my phone ringing in the morning, 9 o’clock And it's you, can't even front I press ignore I still got your letters laying in my dresser drawer." ![]()
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