Whether or not you believe the allegations, the jaw-dropping dossier of sins that the Consumer Financial Protection Bureau accuses the nation’s largest student loan servicer of committing is useful for two crucial reasons.
First, it’s a reminder of just how much can go wrong when we force inexperienced young adults, especially, to navigate a complex financial services offering. We shouldn’t be surprised, but we should be ashamed: elected representatives cut support for higher education; sticker prices rose; teenagers and others applied for admission, signed up for debt and, in many cases, finished their degrees. Then came the bombardment of confusing loan and repayment options.
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