Did Lenders Get Education Dept. Approval for Windfall Profits?

During the Bush Administration, the Education Department signaled approval for some lender policies that then-Education Secretary Margaret Spellings halted in 2007, according to an investigation by the New America Foundation's Higher Ed Watch blog. The apparent inconsistency comes to light from Higher Ed watch comparing program review reports issued by the department, which suggest approval for policies that Spellings and others derided as providing excessive profits to nonprofit lenders.