hxdbzxy via Shutterstock/Salon”>
hxdbzxy via Shutterstock/Salon
This article originally appeared on Reveal from The Center for Investigative Reporting.
In the 16 months since President Donald Trump took office, the nation’s student debt burden has soared by $110 billion, to an astonishing $1.41 trillion.
The number of student debtors has continued to grow as well — to 45 million Americans, up 2 million since Trump’s inauguration.
And last week, the administration began what reformers fear is the dismantling of an Obama-era initiative to crack down on lending abuses – an effort that in 18 months had forced the student loan industry to give back $750 million for alleged unfair and abusive marketing and collection practices.
The administration insists its reorganization of the Consumer Financial Protection Bureau’s student loan office was routine: There was “no functional or even practical change” to the unit’s mission of protecting and informing students, an agency spokesman said.
But critics said it was a worrisome sign that Trump has little interest in addressing the nation’s student debt crisis.
Source:: Salon – Politics