Former fed watchdog launches nonprofit to help fix $1.5T student debt crisis: Debt Valley
Seth Frotman, the former student loan watchdog at the Consumer Financial Protection Bureau, is launching a new nonprofit, the Student Borrower Protection Center, with two other former colleagues to advocate for students and take on the nation’s bureaucratic student-loan complex.
A student borrower defaults on a college loan every 28 seconds, an event with potential devastating economic consequences for individuals, the Inquirer reported earlier this month. American student debtors now owe $1.5 trillion to private banks and the federal government through the Department of Education. These debts are growing faster than auto loans, mortgages and credit cards.
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