“Every 28 seconds of every single minute of every single hour of every single day, a student defaults on their loan,” Frotman said. (Photo: Shutterstock)
(Bloomberg) –Seth Frotman oversaw the $1.5 trillion student loan market for the Trump administration. In August, he quit in a very public way, protesting in a widely circulated resignation letter what he called the White House's open hostility toward the nation's millions of student loan borrowers. Now he's starting his own watchdog group to do what the government won't, and he's poaching former colleagues to do it.
Having spent seven years with Consumer Financial Protection Bureau, three of them as student loan ombudsman, Frotman said he drove policy reform that returned $750 million to wronged student borrowers.
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