In 2016, the Obama administration implemented rules to help protect borrowers and in turn assist lenders in recouping their money, including a Student Aid Bill of Rights:
1. requiring the Federal Student Aid office to continually evaluate lenders that contract with the Department of Education to make sure they are meeting borrowers' needsThe article says:
2. providing economic incentives for those lenders with high performance evaluations
3. creating a system so that borrowers could find and understand all lender information on one website
4. maintaining a quality assurance program so that borrowers could trust that lenders contracting with the Department of Education meet requirements
5. requiring "timely and accurate responses" from lenders providing a feedback system for borrowers to report complaints, positive interactions and suspicious activity by lenders
6. providing a feedback system for borrowers to report complaints, positive interactions and suspicious activity by lenders
Her reasoning for this abrupt turn was simply that the new rules were not working. No evidence of why or how was given.