WASHINGTON, D.C. – The Center for Responsible Lending (CRL) Executive Vice President Debbie Goldstein released the following statement today after the U.S. Department of Education Secretary Betsy DeVos announced her decision to rescind the agency’s Gainful Employment Rule:
Betsy DeVos’ decision to eliminate this important education protection is a disservice to the public and only serves to put corporate interests ahead of struggling students and taxpayers. Over the past few years, and after a rigorous review process, the Obama Administration proposed and finalized the Gainful Employment Rule to ensure that higher education and career training programs, funded by federal student aid dollars, provide an adequate education that will enable borrowers to graduate, find jobs, and pay back their loans upon completion. It’s that simple and straightforward. Completely removing oversight of these programs and leaving parents and students to navigate the college loan system is irresponsible and wastes federal money on programs that aren’t performing.
As the federal government continues to prioritize private interests, state actors are and should continue to be an important line of defense for defrauded students. There are a number of ways to make our higher education system more fair and equitable, including maintaining oversight of public dollars spent on higher education, including through loans, increasing our investment in skill development and college and career readiness, creating more pathways to loan repayment and forgiveness, and working to stem the exponentially rising cost of college.
Now more than ever States have important role to play in regulation, oversight, and enforcement.
For more information or to speak with with a CRL spokesperson please email ricardo.quinto@responsiblelending.org.