DeVos UnDun

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Biden administration revokes DeVos-era guidance, clearing the way for tighter oversight of student loan companies

MarketWatch|2 hours ago
The announcement is the latest in a years-long battle over who has the authority to regulate student loan companies




It's a start. Next step?

 

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Betsy DeVos Sued By 22 States And DC Over Student Loan Forgiveness

The attorneys general of 22 states and the District of Columbia have filed suit against Education Secretary Betsy DeVos and her new “borrower defense” rule.

www.forbes.com

-The borrower defense rule allows the Secretary of Education to discharge student debt when students were defrauded by their colleges. In 2016, the Obama administration wrote a new regulation outlining how student borrowers could get loan forgiveness after claims of fraud increased because of the now-defunct Corinthian Colleges and ITT Tech.

-When DeVos came into office in 2017, she delayed the Obama administration’s 2016 rule. DeVos then rewrote the regulation and created an incredibly high standard for a burden of proof for student borrowers. Under the Obama rule, a student just needed to show a substantial misrepresentation by the school to receive relief.