Betsy DeVos has not done many positive things during her time as Education Secretary, but she has managed to push the country towards for-profit schools and now she has made an interesting choice for the person to lead the already problematic student loan system.
DeVos’s pick to lead the nation’s $1.3 trillion student loan system is the CEO of a private student loan company. So we can expect to see student debt climb even higher.
The new chief operating officer of Federal Student Aid is A. Wayne Johnson, “the founder and chief executive of Reunion Financial Services, a company that originates and refinances student loans,”
The Hill reported.
While student debt is extremely problematic in the US, DeVos wants to bring in the guy that “wrote the book” on the practices that created the current problems.
“Wayne is the right person to modernize FSA for the 21st Century,” DeVos said in a statement. “He actually wrote the book on student loan debt and will bring a unique combination of CEO-level operating skills and an in-depth understanding of the needs and issues associated with student loan borrowers and their families.”
Education Department’s release noting Johnson’s new job seemed to omit the fact that he ran a for-profit student loan business.
The release says Johnson is “a highly regarded leader with more than 30 years of experience in the financial services industry and holds a Ph.D. in higher education leadership.” What it fails to point out is the fact that he made a ton of money be sticking it to struggling students and graduates.
Johnson will replace James Runcie, who resigned
after a dispute with DeVos.
Get ready to see student debt climb even higher in the US while much of the world provides free college to their citizens. At least the state of NY is trying to keep up with the rest of the world by
offering free tuition for NY residents.
Article By Jeremiah Jones)
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