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The settlement the lawyers drafted covered about 200,000 people nationally who had filed borrower defense applications at 153 schools listed for presumptive relief and either received no answer or ...
With student loan payments for many borrowers set to start up again in October 2023, you may be wondering if you have any recourse. The SAVE Plan may help some borrowers reduce their payments down ...
In recent years, some students who attended for-profit schools have had their loans canceled under a program called borrower defense to repayment, which protects loan holders from having to pay ...
The latest round of relief mostly comes through a program known as borrower defense, which allows students to get their loans canceled if they're cheated or misled by their colleges. It was created in 1994 but rarely used until a wave of high-profile for-profit college scandals during the Obama administration.
The proposal was unsuccessful, but the department stopped processing borrower defense claims while fighting challenges in court. As a result, a backlog of more than 200,000 claims piled up ...
On July 25, 2018, Education Secretary Betsy DeVos issued an order declaring that the Borrower Defense Program (enacted in November 2016), [32] would be replaced with a stricter repayment policy, effective July 1, 2019. [33] When a school closes for fraud before conferring degrees, students would have to prove that they were financially harmed. [34]
Since President Joe Biden took office, the Department of Education has canceled about $14.5 billion in student loan debt under the borrower defense program, CNN noted. Nearly 1.1 million borrowers ...
As of July 1, 2010, Stafford Loans are no longer being offered, having been replaced with the William D. Ford Federal Direct Student Loan Program. In 1988, Congress renamed the Federal Guaranteed Student Loan program the Robert T. Stafford Student Loan program, in honor of U.S. Senator Robert Stafford , a Republican from Vermont , for his work ...