The fraud of Obama’s “Student Aid Bill of Rights”
By Nancy Hanover
23 March 2015
Last week President Obama announced a series of executive actions that he dubbed a “Student Aid Bill of Rights.”
The initiative is partially an exercise in damage control. It follows a series of lawsuits and scandals involving the Department of Education (DOE). The government agency has become the target of growing anger for protection of predatory student loan collection agencies, its bailout of the for-profit career college chain Corinthian and its overall profit-taking from student loans.
The 43 million Americans who owe some $1.3 trillion in student loan debt were offered zero forgiveness. In fact, Obama does not propose even one measure to actually lessen the ever-escalating cost of college or encroach on the lucrative business of student loan debt. All the “rights” remain in the hands of the government, the banks and hedge funds.