U.S. Secretary of Education Betsy DeVos accused of a new student loan “scheme”
’s Washington bureau chief Ryan Grim suggested DeVos may have ulterior motives regarding her new student loan plan. Last week, DeVos unveiled a “proposal” that eventually could get the Education Department out of the student lending business.to have your federal student loans managed by a standalone entity that is separate and independent from the Education Department.
DeVos proposed that FSA should be a standalone government corporation “run by a professional, expert and apolitical Board of Governors.” She believes this would help FSA deliver “world-class service” to students and families. DeVos does not think FSA should report to the Education Department.DeVos] scheme to block the next president from unilaterally forgiving federal student debt, which she is well aware a president could do without Congress,” Grim tweeted.
Similarly, Senator Elizabeth Warren , also a 2020 presidential candidate, introduced legislation earlier this year to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Principally, Warren would cancel $50,000 in student loan debt for every person with household income under $100,000 and cancel substantial debt for every person with household income between $100,000 and $250,000.
Would the proposed apolitical board of governors be appointed by the president or comprised of non-partisan career public servants? Does a president’s ability to impact student loans through executive orders change if FSA is part of the Education Department or a separate entity?Neither DeVos or the Trump administration has made a formal legislative or policy proposal to separate FSA. Rather, DeVos proposes that Congress, policymakers and educators further explore these issues.As Washington debates the future of student loans, make sure you understand all your student loan repayment options.
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