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Student Loan Watchdog Resigns, Says Agency Prioritizes Banks Over Students

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Students pull a mock 'ball & chain' representing America's $1.4 trillion outstanding student debt at Washington University in St. Louis, Missouri, where the second presidential debate between Republican nominee Donald Trump and his Democratic counterpart Hillary Clinton was held on October 09, 2016. (Paul J. Richards/AFP/Getty )

Seth Frotman, the student loan ombudsman for the Consumer Financial Protection Bureau and leading watchdog for the $1.5 trillion student loan industry, resigned on Monday. In a pointed letter to the bureau’s director, Mick Mulvaney, Frotman says that the bureau is protecting corporate interests over student borrowers, making his job untenable. Frotman’s resignation follows recent decisions by the Department of Education to eliminate regulations for for-profit schools and roll back borrower-protections set during the Obama Administration. Forum discusses the state of student debt. And we want to hear from you: What’s been your experience with student loans? If you had the chance, would you take them out again? Why or why not?


Ben Miller, senior director of postsecondary education, Center for American Progress

Suzanne Martindale, senior staff attorney, Consumers Union


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