U.S. Rescinds Guidance on Collection Fees

The Trump administration on Thursday withdrew 2015 guidance issued by the Obama administration that barred student loan guarantee agencies from charging collection fees to defaulted borrowers who start repaying their loans quickly. The Education Department's notice said the Obama-era guidance -- which endorsed a position taken by a federal appeals court in a case ultimately settled by USA Funds -- "would have benefited from public input on the issues."