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Stats: 350 members, 4,046 Topics. Date: March 29, 2020, 1:33 pm

Betsy DeVos Unveils New Loan Forgiveness Policy For Students Defrauded By Their Colleges.

TodayNewsReview / General / Education / Betsy DeVos Unveils New Loan Forgiveness Policy For Students Defrauded By Their Colleges. 315 Views

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In a new twist to rewrite the Obama-era policies that seems not be working, Education Secretary Betsy DeVos on Friday unveiled a new loan forgiveness policy for students defrauded by their colleges. This new regulations will take effect from July 1, 2020. The effort is one of several conducted under President Trump’s administration to repeal or alter regulations initiated by his predecessor.

While the new policies do include provisions easing students’ paths in filing complaints, including allowing students to allege a specific amount of financial harm and to choose between accepting an institution's offer of a teach-out opportunity or submitting a closed school discharge to the department, it takes several steps to protect colleges from students’ claims.

Among other items, the regulations allow institutions to choose their own internal dispute resolution processes rather than any federally mandated avenue; institute a three-year limit on filing a claim, either from the date of a student’s graduation or the school’s closure; mandate borrowers explicitly allege the financial harm incurred due to the college’s misrepresentation; and extend the Education Department’s policy of not presuming full relief of claims.

“With this policy overhaul, Secretary DeVos has cemented her legacy as best friend to predatory colleges and enemy to the students they rip off,” Yan Cao, a fellow at The Century Fund, said in a statement to The Associated Press.

“By leaving students on the hook for colleges’ illegal actions, today’s rule sends a clear message that there will be little or no consequences for returning to the misrepresentations and deceptions that characterized the for-profit college boom,” added James Kvaal, president of The Institute for College Access and Success.

Source: thehill.com/homenews/administration/459510-devos-releases-new-loan-forgiveness-rule-for-students-defrauded-by

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