WASHINGTON, D.C. — Today, the U.S. Department of Justice announced an enforcement action against Sallie Mae (also known as Sallie Mae Bank and Navient Solutions), the largest servicer of federal and private student loans, which was found to be systematically violating the legal rights of U.S. servicemembers. The Federal Deposit Insurance Corporation (FDIC) also reached […]
Chairman Rockefeller, Ranking Member Thune, and distinguished Members of the Committee, I’d like to thank you for the opportunity to speak with you today concerning consumer protection for the military, particularly in the area of predatory lending to servicemembers and their families.
Concerning our education mission, in an effort that I think would be of interest to this committee, my team worked with the Department of Defense (DoD) to create a financial module to be included in the recently revised Transition Assistance Program for those departing the military.
Hollister K. Petraeus Before the U.S. Senate Committee on Homeland Security and Governmental Affairs
I am happy to take part in a dialogue like today’s hearing, to ensure that military families have all the information they need to make sound decisions about where and how they spend their military education dollars.
Although I often heard about the issues I mentioned, I was surprised to hear at nearly every stop about the challenges that servicemembers and Education Services Officers were facing when it came to decisions about where to spend hard-earned GI Bill and Tuition Assistance benefits. Here are some of the stories that I heard:
Prepared Remarks by Holly Petraeus at the Attorneys General Announcement on GI Bill Lead Generators Press Conference
Servicemembers and veterans are very attractive to for-profit colleges because they fill a need to enroll students who are not using Title IV federal education funds.
Written Testimony of Holly Petraeus before the Senate Committee on Banking, Housing and Urban Affairs
First and foremost are the financial concerns of military homeowners.
The No. 1 topic they’ve raised with me is the decline in home values and the frightening prospect that – if their home is underwater – a Permanent Change of Station, or PCS, move will ruin their finances and put their security clearance at risk.
Prepared Remarks by Holly Petraeus at Military Permanent Change of Station (PCS) Guidance for Mortgage Servicers Press Conference
We’re pleased to have the support of the prudential regulators who signed the guidance we’re announcing today – the Federal Reserve Board, the FDIC, the NCUA and the OCC – as well as that of the FHFA, the Department of Defense, the VA, USDA, Treasury, Justice, and HUD.
Servicemembers, veterans and their families are eager to earn college degrees. And there is an increasing effort by for-profit colleges to enroll them, due in large part to the “90-10 rule” created by the 1998 amendments to the Higher Education Act (HEA).