It's hard to imagine how life could get even more difficult for student loan borrowers, but come September 1, it will.
Seth Frotman, the student loan ombudsman at the Consumer Financial Protection Bureau (CFPB), just announced his
resignation in a blistering letter condemning the Bureau's new leadership under Trump for "[turning] its back on young people and their financial futures." Frotman accuses the Bureau of
serving the interests of financial institutions over students.Please sign this petition and demand that the Trump administration stop screwing over students now.More than 70% of graduates from four-year institutions will have student loan debt. In 2017, the
average student loan debt for graduates was $39,400, up six percent from the previous year. That debt will only increase due to unexpectedly high interest rates, unfair penalties, and debt collection practices designed to benefit private corporations.
To help students navigate this uphill battle, the CFPB is tasked with investigating complaints from student borrowers and returning money to borrowers who have been robbed. But with the Bureau's leadership becoming increasingly corrupt and Frotman's resignation as the watchdog, students will be left on their own.
We can't stand back and let this happen.
Please sign this petition urging the administration to restore fairness to the CFPB and find a trustworthy replacement for Seth Frotman so student loan borrowers have recourse for predatory lending practices.