Borrower Protection Rule- Student Loans

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Education Secretary Betsy Devos

Borrower Protection Rule- Student Loans

Effective immediately, a Washington, D.C. District Court judge has allowed the implementation of Obama-era student loan protections for graduates of for-profit colleges. This after Education Secretary Betsy DeVos and the Trump administration tried delaying the rule.

The Judge’s ruling comes after Attorney Generals from eighteen states, including the District of Columbia had filed lawsuits to enforce the Borrower Defense to Repayment.

The Borrower Defense Rule makes federal loan forgiveness automatic for some students who could not complete their education because their schools shut down while they were enrolled. However, students may not be eligible if they continued their education at another university.

The Borrower Defense Rule also prohibits colleges and universities from forcing  students into arbitration or banning class-action lawsuits if the school wishes to continue to receive federal funds.

Between 2013 and 2015, more than 1,400 schools closed. Former students of Corinthian College may qualify since the college was fined $30 million by the government.

In total, 48,000 claims have been granted, totaling about $603 million, and there still remains more than 106,000 claims.

Alexander Hernandez, Esq.
Twitter @mcatty_alex

 

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Alexander Hernandez

Alexander Hernandez has been representing clients since 1999 in the areas of bankruptcy, family law, and personal injury. Jacksonville, Florida Office -904-602-5418 Miami, Florida Office 305-688-LAWS (5297)

Comments and opinions always welcomed

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