According to a new report, the Trump administration rejects 99% of student debt forgiveness applicants
In 2007, the U.S. government made a bold promise: Graduates who chose to dedicate a decade of their lives to public service rather than chase more lucrative job opportunities would, at the end of those ten years, have the remainder of their student debt wiped away.
The GAO report made four recommendations, including a suggestion that the Department of Education integrate the two applications, require all loan servicers to include information about the new program on their websites, and include information in the department’s own online help section. The DOE did not respond to a request for comment on the report, but according to GAO, the department agreed with all of the recommendations.
Student debt has ballooned to $1.5 trillion this year, debt held by approximately 45 million Americans. A number of Democratic candidates for president have floated ideas to help solve the crisis. Sen. Bernie Sanders’ plan would cancel outstanding student loans by levying a tax on stock, bond and derivatives transactions. Sen. Elizabeth Warren, who has called student debt a “drag” on the economy, has introduced legislation that would wipe out some $640 billion in loans.
Sen. Tim Kaine, the Virginia Democratic senator who spearheaded the effort to get the extension approved by Congress in 2018, lay the blame squarely at the feet of Education Secretary. “We created a fix to this program and provided the Trump administration with hundreds of millions of dollars to give borrowers the loan relief they were promised, but instead they’ve left public servants in the lurch again,” the Virginia senator said in a statement.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Energy-Efficient Light Bulbs Are The Latest Trump Administration Regulatory Roll BackThe Trump administration will prevent energy-efficiency standards for light bulbs from going into effect, another regulatory rollback that could increase greenhouse gas emissions and contribute to climate change by lisettevoytko
Read more »
Trump administration rolls back Obama-era lightbulb energy regulationsTrump admin. is rolling back requirements for energy-efficient lightbulbs, eliminating an environmentally friendly policy that was put in place by the two previous presidents.
Read more »
Sarah Huckabee Sanders Writing Book About Time in Trump AdministrationThe memoir, which will also talk about how she balanced her duties as White House press secretary with raising a family, is set to be released in the fall of 2020.
Read more »
Trump Administration Proposes Privatizing Fannie Mae and Freddie MacThe plan’s goal is to “promote private sector competition in the housing finance system.”
Read more »
Trump administration seeks major mortgage finance overhaulThe Trump administration proposed sweeping changes to the U.S. housing finance system today that includes a plan to release Fannie Mae and Freddie Mac from government control
Read more »
GAO: Trump administration violated law to keep parks open during shutdownThe Government Accountability Office says the Trump administration violated federal laws when it tapped entrance fees to keep the nation's national parks open during the 35-day shutdown earlier this year
Read more »