Trump and DeVos Want to Rob Pell, Kill Student Loan Forgiveness Program
This is an emergency. Donald Trump’s first full budget for the Department of Education was just leaked, and if Congress were to pass it, it would be a disaster for students and loan borrowers. It would cut billions to pay for tax cuts for millionaires. The only new money for education would go to companies like Navient that benefit from the student debt crisis.
The leaked budget would:
- ROB $3.9 billion from the Pell Grant reserve fund, and leave the maximum award frozen.
- ELIMINATE Public Service Loan Forgiveness for teachers, social workers, and others who work in public service.
- SEVERELY CUT federal work-study programs that are used by college students to afford their education.
- ELIMINATE low-interest Perkins loans that predominantly help disadvantaged students afford college.
- BEGIN THE END of subsidized loans for education loan borrowers while they’re still in college.
- ELIMINATE the most generous Income-Based Repayment plans created in the Obama era.
The money from these devastating cuts will be used to pay companies like Navient (formerly Sallie Mae) more for servicing your loans.
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Posted on 18 May 2017