Most of the vast majority of student loans issued in America now come directly from the federal government. They contract with nine private companies called loan servicers who handle everything after you actually receive the loan. Some states have started writing borrowers bills of rights. The Secretary of Education is like, hey, states, let us handle loans. That's our thing. But this could be bad news for a lot of people.
Education Secretary Betsy DeVos told states to back off regulating the nine private companies that lend money to students last week. That could mean more student debt and more student defaults when both are already at record highs. Vox’s Libby Nelson tells Sean Rameswaram about the national crisis we never solved. And we say goodbye to Stephen Hawking.
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