The education department spends about a billion dollars a year among all nine of these companies. The big servicer that the people would know are Navient which is the company formerly known as Sally Mae. Some of these companies also are sort of hometown companies for senators. And so it does mean that there are also some interested parties kind of scattered throughout America on this.
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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