For-profit colleges under scrutiny as students default on loans

U.S. Education Secretary Betsy DeVos recently rolled back several Obama-era initiatives that would increase protections for student loan borrowers and curtail loan servicer misconduct. The initiatives were the result of three memos issued by the Obama administration to reform debt repayment. They involved creating a single platform system for loan repayment and banning collection fees for defaulted borrowers. DeVos rescinded the memos on April 11, explaining that the reform process “has been subjected to a myriad of moving deadlines, changing requirements and a lack of consistent objectives.” In response, 22…

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