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Borrower Defense

All articles tagged with #borrower defense

education2 years ago

"Massive Student Loan Forgiveness and Violations: Advocates Demand Action"

The Biden administration has approved over $22 billion in student loan forgiveness for borrowers who were defrauded by their schools, with an additional $37 million just announced for former students of the University of Phoenix. Eligible borrowers include those who were cheated by their schools or were covered by related court settlements. The Education Department is also implementing $6 billion in student loan forgiveness under a settlement agreement for mishandled Borrower Defense to Repayment applications. The department encourages defrauded borrowers to apply for student loan forgiveness through the Borrower Defense program.

via Forbes|
#biden-administration#borrower-defense#education
education2 years ago

"Thousands of Student Loan Borrowers Granted Forgiveness, but Obstacles Remain"

The Biden administration and a class of student loan borrowers reached a landmark settlement agreement, providing at least $6 billion in student loan forgiveness to over 260,000 borrowers. However, a major loan servicer, MOHELA, is accused of violating the terms of the agreement by notifying borrowers that they have to start repaying their loans in October, contrary to the forbearance status specified in the settlement. The legal organization representing the borrowers, the Project on Predatory Student Lending, has warned of potential legal action if the collections efforts continue. This issue adds to the problems faced by borrowers as student loan payments resume, including long call hold times, misinformation, and processing errors.

via Forbes|
#borrower-defense#education#mohela
education2 years ago

"Supreme Court's Impact on Student Loan Debt Relief and LGBTQ Rights: Biden's Response and Defiant Democrats"

The Biden administration has already canceled a record $66 billion in student loan debt for nearly 2.2 million borrowers through changes to existing federal programs. These changes include making it easier to qualify for the Public Service Loan Forgiveness program, expanding eligibility for the borrower defense to repayment program, and providing automatic loan discharges for permanently disabled borrowers. Three individuals shared their stories of receiving debt relief, including one who attended a school that engaged in misleading practices, another who struggled with the complicated application process for the Public Service Loan Forgiveness program, and a radiologist who benefited from the consolidation of his loans and the temporary waiver put in place by the Biden administration.

via CNN|
#biden-administration#borrower-defense#debt-relief
education2 years ago

Supreme Court upholds $6 billion student loan settlement.

The Supreme Court has denied a request by a group of colleges to block a $6 billion settlement that will cancel the student loans of about 200,000 borrowers who say they were defrauded by their schools. The settlement resolves a class-action lawsuit filed in 2018 by people who accused the Education Department of ignoring their applications for loan forgiveness through the “borrower defense to loan repayment program.” The case is unrelated to President Biden’s broader effort to forgive up to $20,000 in student debt for tens of millions of borrowers, which the justices are set to rule on in the coming months.

via The Washington Post|
#borrower-defense#education#for-profit-colleges