DeVos Urged to Restore Loan Servicing Protections

DeVos earlier this month rescinded guidance issued last year by then Secretary John B. King Jr. directing the Office of Federal Student Aid to consider servicers' past performance in the awarding of contracts. In the same decision, she withdrew separate guidance issued by former Under Secretary Ted Mitchell laying out a comprehensive set of servicing standards based on guidelines developed in collaboration with the Consumer Financial Protection Bureau and the Department of Treasury. More...