A third of America’s college students with student loan debt admit that they plan to fritter away part of their federally-subsidized loan funds to pay for sun-and-beer-soaked spring break trips in 2017. And why not? In 2015 Obama that barred student debt collectors from charging any penalties or fees on past-due student loans.
In other words, tax-payers were funding beer-soaked spring break trips.
But there is a new sheriff in town. Last week Trump rolled back Obama protections on student loans.
Just days after reports emerged that student loan defaults are soaring, which is undoubtedly due to some combination of poor job prospects for the millions of snowflakes who graduate each year with their $200,000 educations in gender studies, blowing the funds on parties and spring break vacations, and the moral hazard created by liberal politicians constantly calling for student debts to be ‘forgiven’ (a.k.a. forcefully jammed down the throats of taxpayers), the Trump administration has revoked rules put in place by Obama that barred student debt collectors from charging penalty fees on past-due loans.
Seems the cost of financing those spring break trips to Cancun just got a little costlier…sorry, snowflakes.
Of course, it didn’t take long for Elizabeth Fauxcahontas Warren to draft a letter to the Education Department urging them to not take away ‘freebies’ from America’s entitled snowflakes.
Elizabeth Warren (D-Mass.) and Rep. Suzanne Bonamici (D-Ore.) sent a letter urging the Education Department to uphold the Obama administration’s guidance on the collection fees, which they said “results in an unnecessary financial burden on vulnerable borrowers.”