Financial advisor Suze Orman accused private banks of “financially raping” students at a Politico event with Sen. Elizabeth Warren (D-MA) on Wednesday.
“The kids today, they don’t have money and they have not been educated about how important it is that have to pay their student loans…so why are we protecting private banks who are financially raping, and I say that word truthfully, our children?” Orman stated.
Warren blamed for-profit colleges and argued they should “have some skin in the game” and should “be held responsible” for rebating the loans of students who default back to the federal government. “They [colleges] can’t just be bringing them [students] in, taking the tuition money, cashing the checks from the federal government, and then tossing these kids out with nothing” she said.
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