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18,000 V. 1: Petition Opposing DeVos Student Loan Overhaul Gets 18K Signatures

Last month secretary of education Betsy DeVos made an announcement that her agency will be selecting just one company to collect student debt payments on the federal government’s behalf, a job that was previously divided between nine different contractors (CornerStone, FedLoanServicing, Granite State, Granite Lake Educational Loan Services Inc., HESC/Edfinancial, MOHELA, Navient, Nelnet and OSLA Servicing).

In response to DeVos’s plan, Care2 started a petition to oppose it. Now, more than 18,000 people have signed the petition to keep the 9 contractors.

Care2 has said that borrowers are unhappy with the administration’s plan to create what they call a monopoly on student loan debt.

“These service providers are hard enough to deal with as-is,” the petition says. “There is bureaucracy and a number of issues in trying to get the information we need to pay off our loans. A headache awaits us if just ONE company were to handle the massive amount of borrowers and debt.”

But that’s not all the petition asks for, it also urges Devos not to do away with the requirement that servicers are required to notify borrowers a few weeks in advance when they have to re-certify their income-driven repayment plans.

“This means if you’re a borrower, are unaware of the deadline and don’t re-certify, your monthly payments could go up astronomically without your prior knowledge,” the petition says. “While the monopolistic servicer might still notify people of their own volition, they stand to make a lot more money if they don’t.”

RELATED: Joe Biden Just Unleashed His Fury On Betsy DeVos


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