DeVos warns of crisis over ballooning student debtAssociated Press.
Speaking at a conference in Atlanta last week, DeVos raised a “red warning flag” that the federal government must change the way it gives out student loans. She says the federal government holds nearly US$1.5 trillion in outstanding student loans, up from US$500 billion in 2007.
DeVos says the Obama administration worsened the problem by taking over the administration of student loans in 2010. She says that encouraged institutions to raise rates. DeVos didn’t propose specific changes but said students should be encouraged to take the path “that’s right for them”, even if it isn’t toward a traditional college.
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