Biden administration clears the way for tighter oversight of student loan companies

The Biden administration revoked legal guidance issued by the Betsy DeVos-era Department of Education, knocking down an obstacle to states regulating student loan companies.

“Nothing in this guidance puts any requirements or onus on state governments to play a supporting role, but what it does allow is an invitation or encouragement for states to do so and for states that have already entered into the fray some political and perhaps legal cover,” said David Rubenstein, a professor at Washburn University School of Law and an expert on preemption, or the interaction between federal and state laws.

Though both the guidance announced this week and the DeVos-era memo are focused on the wonky topic of preemption — essentially the idea that federal law supersedes state law in cases where they’re in conflict — the government’s and courts’ interpretation of how preemption applies to student loan regulations has implications for student loan borrowers paying their bills.

As more states began implementing these laws, servicers fought back and they asked the Trump administration for help. In 2017, the National Council of Higher Education Resources , a student loan industry trade group, wrote to Department of Education officials asking them to issue guidance saying that student loan servicers were governed by federal — not state — law.

Courts didn’t give the DeVos memo much weight, they may do the same with the Biden-era guidance Rubenstein, the law professor, described the Trump administration’s interpretation and application of the preemption doctrine as “very dubious,” which is why courts declined to give it deference.

I wouldn't get help if Paparazzi was on staff with me at HUD? They trained, Gov assisted by usual no-show. I hadn't travelled, they did. Why sleep here? But get up sleeper, they cross the border together. Foreigners must have followed. *President Bush helped by me in 2001, no $

'The substitution of government policy in credit matters for the free exercise of banking judgement is one of the most dangerous things that can come to a country.' It drove the housing bubble and it is the reason there is so much student load debt that can never be paid back.

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