In the world we’re in:
Student loan companies will be free to charge thousands of dollars in fees to borrowers who miss payments, even if they immediately attempt to catch up, the Trump administration said (March 16), reversing Obama-era guidance that banned the charges.
The reversal was the first visible move on student loan policy by Trump’s Education Department, and suggests the administration may ultimately take a more industry-friendly approach to student lending…
USA Funds, then the country’s largest guarantor of indirect federal loans, sued the Education Department in 2015 for the right to charge a fee as high as 16% to people who had started to repay their loans within 60 days of defaulting. The woman at the center of the case had tried to repay her loans just 18 days after she was told she had gone into default — and then was hit with $4,500 in fees on a loan of $18,000.
– “The number of hungry and homeless students rises along with college costs” (MPR)
In a potential, better one:
The election of 2016 forced us, like so many Americans, to reconsider much of what we imagined we knew about our country and our society. For example, only a few months ago there was a growing, nation-wide movement for tuition-free higher education. At the time, we proposed debt forgiveness for the many Americans – the figure now stands at 43 million – who carry the burden of student loans.
Now, all three branches of government are under the control of ideologues who espouse a harsh and individualistic brand of conservatism. That forces us to ask ourselves: How can we pursue such an ambitious and visionary goal when we are confronted with a direct challenge to the communitarian ideals that have guided this nation to its best achievements?
And yet, individually and together, we have reached the same conclusion: this is a more important time than ever to reaffirm our bravest and highest values. Jubilee – the ancient concept of debt forgiveness as an affirmation of community – reflects those values. We can reject the reactionary principles that the right wing represents by embracing the concept of a student debt jubilee as the symbol of our long-held community values.