Like a bevy of other jurisdictions, the District of Columbia has established a “borrower’s bill of rights” which creates minimum standards for timely processing, correction of errors, and communication for servicers of federal student loans.
In response to this state-level action, the U.S. Department of Education recently argued that all such regulations are
Largely rejecting the Trump Administration’s proposals regarding student lending championed by Betsy DeVos, Secretary of the Department of Education, the $1.3 trillion budget deal announced by Congressional negotiators on March 21 includes a number of provisions that may aid students:
In a unanimous decision on March 20, 2018, the United States Supreme Court held in Cyan, Inc. et al. v. Beaver County Employees Retirement Fund, et al., 583 U.S. ____ (2018) that state and federal courts retain concurrent jurisdiction to adjudicate class actions brought under the Securities Act of 1933 (the “Securities Act”) and
Introduced in the House of Representatives on December 7, 2017, by Rep. Thomas A. Garret, Jr. (R-Va.), the Student Security Act of 2017 aims to provide loan forgiveness to borrowers of federal student loans who agree to delay eligibility to collect Social Security benefits. In its current form, the Act would grant $550 in student
In early March, the Department of Education, led by Secretary Elisabeth Dee DeVos, began informing some former students at campuses once owned by the now-defunct Corinthian Colleges, Inc. that it will forgive only fifty percent or less of their federal student loans. In fact, DeVos had announced her intent to adopt such a plan, a
In general, the federal government provides student loans to qualified Americans regardless of their credit history. To facilitate repayment and avoid borrower default, it offers numerous programs, including income-based repayment schemes and, for now, loan forgiveness for public service. Naturally, once a borrower defaults, the government enjoys an extraordinary range of powers for securing
On March 15, Governor Jay Inslee of Washington signed the Washington Student Education Loan Bill of Rights. This law had been in the works since 2017 when a report, released by Attorney General Bob Ferguson in December, documented significant disparities across gender, income, age, and race in student loan borrowing and highlighted a handful
A companion to a bill sponsored by Rep. Robert Scott (D-Va.), America’s College Promise Act, or “ACPA”, introduced in the United States Senate on March 1, strives to minimize the financial hurdles that have induced an extraordinary reliance on private and federal student loans by over 44 million Americans. This previously-introduced bill currently boasts
Nearly a decade after the financial crisis of 2007-08, the Senate recently advanced the most significant overhaul of the Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into federal law by President Barack H. Obama on July 21, 2010. Specifically, on March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief,
Please join us on Tuesday, March 20th from 3:30 – 5:00 ET, as Troutman lawyers who have been on the front lines offer their take on the implications for litigation and compliance arising from the new appeals decision regarding the scope of the Telephone Consumer Protection Act (TCPA).
On March 16, 2018, the U.S.