U.S. Secretary of Education Betsy DeVos
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Here's what you need to know.
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Student Loan Forgiveness: What Happened
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The House voted 231-180 to overturn new regulations introduced by U.S. Secretary of Education Betsy DeVos that critics argue limit student loan forgiveness when a college closes due to fraud.
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The Obama-era rules, known as borrower defense to repayment, allow students to have their federal student loans forgiven if a school employed illegal or deceptive practices to encourage the students to borrow debt to attend the school. Without these rules, students are potentially on the hook to repay federal student loans even if they didn't find gainful employment or finish their degree before their school closed.
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DeVos has argued that the Obama rules made it too easy to receive student loan forgiveness, which unfairly burdened taxpayers. Specifically, DeVos said borrowers impacted by school closure would need to apply for student loan forgiveness, rather than receive it automatically. Effectively, DeVos has argued, this would create a higher bar for student loan forgiveness and save taxpayers $11 billion.
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Attorneys general from 19 states, plus the District of Columbia, sued DeVos and the Education Department for delaying the borrower protection rule that was scheduled to take effect beginning July 1. A federal judge previously ordered DeVos to comply with the borrower defense rule. However, rather than comply with the judge's order, the Education Department instead did the following, according to the Project on Predatory Student Lending at Harvard Law School:
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To reinstate the borrower defense rules, the U.S. Senate also would have to vote to overturn, which likely will not pass. Even if it did, President Trump likely would veto the bill.
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As Washington debates the future of student loans, make sure you understand all your student loan repayment options. You can explore:
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This student loan quiz takes less than one minute to complete and provides you with a free, customized student loan repayment plan.
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NO EROSION ALONG ISUIKWUATO/UTURU ROAD DURING MY TIME - OUK, HE IS A COMMON LIAR - SEN. MAO
U.S. Secretary of Education Betsy DeVos
READ ALSO:
Dr. Chima Anyaso Hosts Namibian Governor, Strengthens Africa's Economic Partnerships
The U.S. House of Representatives voted Thursday to overturn a key student loan forgiveness rule.
READ ALSO:
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Here's what you need to know.
READ ALSO:
Trump Speaks Out: Why U.S. May Join the Israel-Iran War | READ DETAILS
Student Loan Forgiveness: What Happened
READ ALSO:
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The House voted 231-180 to overturn new regulations introduced by U.S. Secretary of Education Betsy DeVos that critics argue limit student loan forgiveness when a college closes due to fraud.
READ ALSO:
How I Survived When Everyone Else Died" - Lone Survivor of Air India Crash Speaks
The Obama-era rules, known as borrower defense to repayment, allow students to have their federal student loans forgiven if a school employed illegal or deceptive practices to encourage the students to borrow debt to attend the school. Without these rules, students are potentially on the hook to repay federal student loans even if they didn't find gainful employment or finish their degree before their school closed.
READ ALSO:
20 Ghanaians Arrested In Nigeria -READ WHY
Betsy DeVos: I'm Saving Taxpayers $11 Billion
READ ALSO:
Why Madagascar Soldiers Refused Orders to Shoot Protesters | WATCH VIDEO
DeVos has argued that the Obama rules made it too easy to receive student loan forgiveness, which unfairly burdened taxpayers. Specifically, DeVos said borrowers impacted by school closure would need to apply for student loan forgiveness, rather than receive it automatically. Effectively, DeVos has argued, this would create a higher bar for student loan forgiveness and save taxpayers $11 billion.
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READ ALSO:
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Attorneys general from 19 states, plus the District of Columbia, sued DeVos and the Education Department for delaying the borrower protection rule that was scheduled to take effect beginning July 1. A federal judge previously ordered DeVos to comply with the borrower defense rule. However, rather than comply with the judge's order, the Education Department instead did the following, according to the Project on Predatory Student Lending at Harvard Law School:
READ ALSO:
WHY Police Arrested Akon in Georgia Revealed: Full Details Emerge
To reinstate the borrower defense rules, the U.S. Senate also would have to vote to overturn, which likely will not pass. Even if it did, President Trump likely would veto the bill.
READ ALSO:
In-depth Details(COVID 19): Abia Govt Decision on Lockdown, Schools, Churches, Keke, Markets, many more
READ ALSO:
NO EROSION ALONG ISUIKWUATO/UTURU ROAD DURING MY TIME - OUK, HE IS A COMMON LIAR - SEN. MAO
As Washington debates the future of student loans, make sure you understand all your student loan repayment options. You can explore:
READ ALSO:
Dr. Chima Anyaso Hosts Namibian Governor, Strengthens Africa's Economic Partnerships
This student loan quiz takes less than one minute to complete and provides you with a free, customized student loan repayment plan.
