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DeVos undoes Obama student loan protections; defaults expected to rise

April 12, 2017 /

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Education Secretary Betsy DeVos on Tuesday rolled back an Obama administration attempt to reform how student loan servicers collect debt.

Obama issued a pair of memorandums last year requiring that the government’s Federal Student Aid office, which services $1.1 trillion in government-owned student loans, do more to help borrowers manage, or even discharge, their debt. But in a memorandum to the department’s student aid office, DeVos formally withdrew the Obama memos.

Shahien Nasiripour, Bloomberg

Full Story: http://www.sfgate.com/business/article/DeVos-Undoes-Obama-Student-Loan-Protections-11066031.php

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