DeVos' Making Life Difficult for Students with Obama-era Rules Reversals

Mandel Ngan via Getty

DeVos' Making Life Difficult for Students with Obama-era Rules Reversals

Apr, 9th 2017

Secretary of Education Betsy DeVos recently reversed an Obama-era regulation that limited fees debt collectors could charge on student loan debt — a move Democrats characterize as a gift to a former DeVos adviser whose family is in the student debt collection business.

On March 16, the Department of Education released a memorandum reversing an Obama administration directive that prevented debt collectors from charging certain fees, called collection costs, on student debts if borrowers entered into repayment agreements within 60 days of receiving notice of the debt. Under the new guidelines, guarantors can charge collection costs of up to 16%.

That's likely good news for United Student Aid Funds, which has been locked in a two-year legal battle with the Department of Education over the rule. The company stands...

Read More

Join Us. We are waiting for you!

Sign Up Today!

We welcome you to our community where you can gather and share information on debts and issues which may have your life unsettled. Together we thrive!


Logo mobile 4b2fda9e088d7249be95ede0cc3adea2de299a346ba55b450264e0c976b239c5

Join our community Today! IT'S FREE

Our Interactive Knowledge Base Has All The Infomation You Need To Settle Your Debt & Settle Your Life™

SIGN UP NOW!

Join, Resolve & Share!