The Trump administration is taking steps to shield student loan collection companies from state regulators, over the objections of consumer advocates and even some Republican attorneys general.
Education Secretary Betsy DeVos is preparing to issue a declaration that companies collecting federal student loans are off limits for state lawmakers and regulators. The “notice of interpretation” argues that only the federal government, not the states, has the authority to oversee federal student loan servicers, according to a draft of the document obtained by POLITICO. That includes industry giants like Navient and Nelnet.
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