Campus Progress is now Generation Progress! Find out more »

STATEMENT: Maggie Thompson on Five-Year Anniversary of “$1T Day”

WASHINGTON, D.C. –  On this day five years ago, student debt in America topped $1 trillion. While student loan debt has progressed in visibility as a policy issue in the years since, meaningful solutions from the Trump administration to address the debt have not. Maggie Thompson, Executive Director of Generation Progress, issued the following statement in response:

“We still do not have any comprehensive solutions to the student debt crisis, five years after hitting the $1 trillion mark in student loan debt. In fact, with an additional $400 billion added to the debt, it’s even harder for Americans to afford a higher education and to protect borrowers from predatory schools and lenders.

100 days into this new administration, we’ve already seen a budget threatening to dismantle Pell, executive actions stripping borrowers of vital protections, and regulatory rollbacks from Betsy DeVos’ Department of Education making it easier for loan servicers like Navient to act more like loan sharks than counselors.

Taken together, the Trump administration’s higher education agenda has shown an ignorance of the source of the student debt crisis, an unwillingness to help those tens of millions of Americans currently struggling with debt, and a contempt for important regulations aimed at protecting borrowers in the future. Students and borrowers deserve an Education Department that works for them, not for Wall Street investors looking to make a quick buck.”

Today, Generation Progress, Higher Ed, Not Debt, and thousands of borrowers are also calling on the Department of Education to fire Navient, the largest student loan servicer in the country. Responding to lawsuits for deceptive borrower practices, Navient said that “there is no expectation that the servicer will act in the interest of the consumer.”

Click here to read more about Navient and the Department of Education.

For more information or to speak with an expert, contact Kyle Epstein at kepstein@americanprogress.org or 202.481.8137

Facebook Twitter Tumblr Email
By clicking and submitting a comment I acknowledge the Privacy Policy and agree to the Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.