DeVos calls for making financial aid unit a separate agency

COLLIN BINKLEY AP Education Writer Education Secretary Betsy DeVos says Congress should consider splitting her department's financial aid operation into a separate federal agency with the flexibility to operate like a private bank. DeVos made the comments Tuesday in Reno, Nevada, at an annual conference hosted by the Education Department's Federal Student Aid division, which oversees and manages nearly $1.6 trillion in federal student loans. Speaking to financial aid professionals, DeVos said the student lending division has become an "untamed beast" after years of tinkering by Congress, and that it needs to become a "world-class financial firm." "One has to wonder: Why isn't FSA a standalone government corporation, run by a professional, expert, and apolitical board of governors?" D
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