Join student lending expert Mark Kantrowitz as he unpacks the drastic Department of Education layoffs, how these changes will impact federal and private student loans—and how credit unions are primed to bridge the gap, and support millions of members through the chaos and confusion.
Key takeaways:
01.07: An overview of the Trump administration’s proposed cuts to the Department of Education, and the implications on student loan, debt, and forgiveness programs.
04.39: Credit unions need to be informed and prepared to help student borrowers navigate any ensuing chaos–particularly if the ombudsman in charge of complaints is curtailed.
05.46: The Budget Blueprint that passed the House involves cuts that exceed those already announced by the Trump administration, so more cuts should be anticipated.
06.31: How states are not in a position to pick-up the slack and/or take over student lending, so private lenders like credit unions are vital.
07.48: Privatizing or selling the trillion-dollar-plus Federal loan balance sheet is not an option, despite what the Trump administration claims.
10.05: The implications of these cuts on credit union lending strategies, and how loan consolidation could be a way credit unions can support stressed and financially stretched students.
16.21: Credit unions need to prepare for a lot of chaos and confusion–and ensure they’re informed and able to answer questions and provide solutions.
Resources Mentioned:
Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.
#CreditUnions #StudentLending #FinancialAid
