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Search resuls for: "— Lincoln"


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☆ Supreme Court declined to block $6 billion student loan settlement. Here's who qualifies for forgiveness
  + stars: | 2023-04-17 | by ( Annie Nova | ) www.cnbc.com   time to read: +1 min
The Supreme Court last week declined to block the settlement of a class-action lawsuit brought by student loan borrowers who say they've been defrauded by their schools. Now, the U.S. Department of Education will be able to continue delivering on the $6 billion loan forgiveness settlement. More than 150 schools, mostly for-profit institutions, were involved in the settlement. Three of those institutions — Lincoln Educational Services Corp., American National University and Everglades College Inc. — had petitioned the highest court. They've argued that they were denied due process with the settlement and that it harms their reputation.
☆ There's another legal route Biden can use to cancel student debt, and the Supreme Court's latest move shows the justices could be open to it
  + stars: | 2023-04-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +9 min
The Supreme Court rejected an appeal to halt debt relief for borrowers who say they were defrauded. The Higher Education Act has been floated as another way for Biden to pursue his debt-relief plan. The Supreme Court is already considering whether Biden's plan to cancel up to $20,000 in student debt for federal borrowers is legal. Activists and students protest in front of the Supreme Court during a rally for student-debt cancellation in Washington, DC, on February 28. Still, along with the lawsuits against broad debt relief, the payment pause is also being challenged — leaving millions of borrowers in financial limbo.
☆ Thousands of student-loan borrowers are facing 'obvious harm' if the Supreme Court agrees to halt the debt relief they already won in court, Biden's Education Department says
  + stars: | 2023-04-12 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Education Department pushed back on a lawsuit to halt student-debt relief for borrowers who said they were defrauded. A federal judge signed off on a settlement that would give those borrowers $6 billion in debt relief. The Education Department agreed to the settlement last summer, and in November, a federal judge signed off on $6 billion in debt relief for 200,000 borrowers. On Wednesday, the Education Department responded to the schools' appeal, and as expected, it told the Supreme Court that staying the relief will cause "obvious harm" for impacted borrowers and the department itself. The Supreme Court heard oral arguments in a case aiming to block that broader relief in February.
☆ $6 billion in student-loan forgiveness for 200,000 borrowers just cleared another hurdle — and all members involved in the years-long lawsuit can now get relief
  + stars: | 2023-04-05 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
An appeals court rejected three companies' request to pause relief for borrowers in the Sweet vs. Cardona lawsuit. Last year, a federal judge signed off on a settlement in the case that would give 200,000 borrowers $6 billion in debt relief. Those borrowers filed a lawsuit in 2019 over stalled borrower defense claims against the schools they attended. Cardona agreed to a settlement last summer in the case that would give 200,000 impacted borrowers $6 billion in debt relief. Borrowers who filed a claim against a school not included on that list will receive relief based on the following timeline:
☆ A federal judge just ruled $6 billion in student-debt cancellation can move forward for 200,000 defrauded borrowers, saying the decision will 'allow them to not only to move on, but also to move up, e
  + stars: | 2023-02-27 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A federal judge ruled that $6 billion in student-debt relief for 200,000 borrowers can move forward. Since the lawsuit wasn't resolved under Trump, President Joe Biden took it on and agreed to a settlement to give borrowers relief. And it gives plaintiffs, who have languished in borrower-defense application limbo, their long-awaited relief," Alsup wrote in his decision. "They have already waited years for the resolution of their borrower defense ('BD') applications, some of which have been pending since 2015," the filing said. Along with automatic relief for 200,000 borrowers, the settlement also allows for a streamlined review of another 64,000 borrower defense applications.
☆ 200,000 student-loan borrowers will be 'severely harmed' if a judge rules in favor of 3 companies who want to block them from getting $6 billion in debt relief, a new legal filing says
  + stars: | 2023-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A federal judge signed off on a settlement giving 200,000 student-loan borrowers $6 billion in debt relief last year. In January, three companies requested a stay on the relief, citing reputational harm the settlement brought them. Borrowers in the case recently filed a motion opposing the stay due to the harm postponing the relief would bring. Some of the borrowers who were set to see debt forgiveness attended colleges run by those companies, which were among many named in the November settlement. One hundred and forty-four borrowers have submitted declarations attesting to the harm a stay would cause them."
☆ 2 for-profit companies want to stop $6 billion in student-loan forgiveness from reaching 200,000 borrowers in an already-approved settlement
  + stars: | 2023-01-17 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
A judge signed off on a settlement last year giving 200,000 defrauded borrowers $6 billion in student-debt relief. A group of companies last week filed an appeals notice to stop the relief from going through. They argued their reputations will be harmed, and they were not given "due process" after being included in the settlement. In November, federal Judge William Alsup granted final approval of a lawsuit — Sweet v. Cardona — that would give over $6 billion in student-debt relief to 200,000 borrowers who were defrauded by a school they attended. Prior to his final ruling, Alsup gave schools the chance to intervene, but he ultimately rejected their arguments.
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