>> BETSY DEVOS HAS DONE AWAY WITH PROTECTIONS FOR STUDENT
LOAN BORROWERS.
THESE WERE PROTECTIONS THAT WERE CREATED
UNDER THE OBAMA ADMINISTRATION.
THEY ESSENTIALLY SPECIFICALLY
FOCUS ON DEBT COLLECTORS.
SHE DIDN'T GIVE A REAL EXPLANATION
FOR WHY SHE GOT RID OF THESE PROTECTIONS.
BEFORE WE GET INTO
DETAILS, I WANT TO GIVE YOU MORE
CONTEXT.
RIGHT NOW THERE IS A PRETTY BIG LAWSUIT AGAINST AN
ORGANIZATION KNOWN AS NAVIENT.
THE GOVERNMENT BELIEVES THAT
THEY WERE INTENTIONALLY MISLEADING STUDENTS IN SUCH A
WAY TO MAXIMIZE THE
ORGANIZATION'S PROFITS WHILE BURDENING THE STUDENTS WITH EVEN
MORE DEBT.
LET ME GIVE YOU MORE DETAILS.
CELL AGAIN BURDENING
THE STUDENTS WITH EVEN MORE DEBT
AS A RESULT OF MORE INTEREST.
SO THEY WOULD HIDE THE DATE THEY
WOULD HAVE TO REAPPLY BY SO THEY
WOULD LOSE THE ABILITY TO PAY BACK UNDER THIS INCOME-BASED
PROGRAM.
UNDERSTAND WHY THEY DID THAT, THEY DIDN'T WANT YOU TO
PAY OFF YOUR LOAN.
THEY WANT TO
MAXIMIZE PROFITS.
ALL OF THIS STUFF IS GOING ON, THEY ARE
FACING A LAWSUIT.
OBAMA WAS
AWARE THAT DEBT COLLECTORS AND THOSE WHO SERVICE STUDENT LOANS
WERE TAKING ADVANTAGE.
SO HE CREATED CERTAIN REGULATIONS AND
GUIDELINES TO ENSURE THIS BEHAVIOR STOPS.
JUST TO QUICKLY
OUTLINE WHAT THAT MEANT.
HE WANTED THEM TO SPEND LESS TIME
ON DEBT COLLECTION, AND HE ALSO DIDN'T WANT THESE ORGANIZATIONS
TO MISLEAD THE BORROWERS.
BETSY DEVOS COMES IN AND SAYS WE ARE
DOING AWAY WITH ALL OF THAT.
DON'T LIKE IT, DONE.
SHE JUST
THINKS IT IS INEFFECTIVE.
HOW?
SHE WILL NOT ELABORATE ON IT OR PROVIDE REPLACEMENT IDEAS OR
PLANS TO PROTECT STUDENTS.
>>IT IS LIKE MY MATH TEACHER USED TO SAY, SHOW YOUR WORK
BETSY.
I NEED TO SEE YOUR JUSTIFICATION FOR IT.
THE REASON
I DON'T SEE HER WORK IS BECAUSE IT MAKES SO MUCH SENSE WHICH
DECISION SHE HAS MADE.
IDEALLY IN THE STUDENT LOAN DEPARTMENT
THE INVESTMENT IS IN THE STUDENT.
UNFORTUNATELY IT SEEMS
THE DECISION HAS BEEN THE INVESTMENT IS IN INTEREST
PAYMENTS ON THE LOAN.
THEIR INVESTMENT IS NOT BEING TREATED
AS AN INVESTMENT IN OUR FUTURE.
THAT IS SOMETHING I HEAR ON THE
CAMPAIGN TRAIL ALL THE TIME.
>> NAVIENT HAD AN INTERESTING QUOTE AND RETALIATION TO THAT
LAWSUIT.
I THINK THAT SAYS IT ALL, IT IS SAYING WE ARE NOT ON
YOUR SIDE.
I THINK THAT IS EXACTLY WHAT BETSY DEVOS HAS
SAID IN HERE.
I VALUE CORPORATIONS OVER YOU, I DO NOT
CARE ABOUT YOUR EDUCATION, I CARE ABOUT RUNNING THIS LIKE A
COMPANY, WHICH IT IS.
IF IT WERE, YOU WOULD BE THE ONE WHO IS PROFITING.
>> BETSY DEVOS IS SANDRA BULLOCK IN THE BLIND SIDE.
SHE IS THIS
WEIRD OBLIVIOUS ñ
>>NO.
NO, NO.
>>SHE IS REESE WITHERSPOON IN BIG LITTLE LIES.
SHE IS THIS
MISGUIDED ñ
>>BETSY DEVOS KNOWS WHAT SHE IS DOING, SHE IS NOT OBLIVIOUS.
SHE
IS FRIENDLY TO CORPORATIONS BECAUSE SHE COMES FROM THAT
WORLD.
YOU HAVE SEEN WHAT SHE DID IN CHARTER SCHOOLS IN
MICHIGAN.
WHEN WE WERE TALKING ABOUT BETSY DEVOS PREVIOUSLY A
LOT OF THE FEAR WAS ABOUT WHAT
SHE WOULD DO TO PUBLIC GRADE SCHOOLS.
IN HER POSITION SHE
ACTUALLY DOESN'T HAVE MUCH
IMPACT ON PUBLIC GRADE SCHOOLS.
WHAT SHE DOES HAVE A HUGE IMPACT
ON IS COLLEGES.
THAT IS A HUGE
PROBLEM CONSIDERING THE FACT WE ARE STRADDLED WITH $1.3 TRILLION
OF STUDENT DEBT RIGHT NOW.
IT CONTINUES TO GET WORSE.
OBAMA
DID SOMETHING RELATIVELY SMALL
TO HELP PROTECT STUDENTS, AND SHE DID AWAY WITH IT OTHER THAN
TO PROTECT CORPORATIONS.
SHE IS VERY FRIENDLY WITH FOR-PROFIT
COLLEGES.
SHE WILL ALSO ENSURE THE TYPES OF REGULATIONS THEY
HAVE TO ABIDE BY OR NO LONGER IN
EXISTENCE.
THIS WHOLE NOTION OF GAINFUL EMPLOYMENT ñ DOESN'T
CARE ABOUT THAT.
IF A FOR-PROFIT COLLEGES GETTING GOVERNMENT
MONEY AND THEY FORM OF STUDENT LOANS, THEY HAVE TO PROVE THAT
AT LEAST SOME PORTION OF THEIR STUDENTS ARE ABLE TO GRADUATE
AND BECOME GAINFULLY EMPLOYED
AFTER.
A LOT OF THE SCHOOLS ARE SCAMS AND HAVE NO INTEREST IN
EDUCATION.
SHE THINKS THOSE REGULATIONS ARE CRAZY.
SHE THINKS TAXPAYER MONEY SHOULD GO TOWARD THESE SCAM SCHOOLS.
>>RIGHT.
THERE JUSTIFICATION IS THE STUDENT SHOULD LOOK AROUND
AND CHOOSE THE COLLEGE THEY THINK IS GOING TO PROVIDE THE
BEST EDUCATION.
WHAT SHE DOESN'T UNDERSTAND IS THESE ARE
STUDENTS.
>> I WOULD SAY THEY ARE THE MOST VULNERABLE WHEN IT COMES TO
THESE SCAM INSTITUTIONS.
>> IDEALLY YOU WOULD MAKE IT SO THEY HAVE FULL INFORMATION.
WHEN
ALL OF THESE LAWSUITS COME, AND ALL
THE STUDENTS
ARE BEING
MISLED ñ BETSY THAT SHOULD BE
YOUR JOB.
>>ONE OF
THE QUOTES SHE SAID HAVE THE WORD CUSTOMER SERVICE
AND IT, WHICH IS NOT HOW YOU SHOULD BE LOOKING AT THIS AT
ALL.
LIKE YOU SAID EARLIER THE POINT OF EDUCATION IS TO LIFT
PEOPLE UP IN ORDER TO LIFT UP OUR SOCIETY.
>> ONE FINAL PART I WANT TO MAKE SURE THE AUDIENCE KNOWS IS THIS,
THIS IS ACCORDING TO BLOOMBERG.
MAKE NO MISTAKE SHE KNOWS
EXACTLY WHAT SHE'S DOING.
SHE IS THE EPITOME OF A CORRUPT
INDIVIDUAL WHO IS ALWAYS ON THE SIDE OF CORPORATIONS AND THE
WEALTHY.
SHE IS EASILY SWAYED BY LOBBIES.
THERE IS SWAMP MONSTER
AFTER SWAMP MONSTER, IT IS ALL BECAUSE OF TRUMP.
SHE NEVER HAS,
AND SHE NEVER WILL.