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☆ How Wall Street Giants Made Billions Preying on College Students
▼ + stars: | 2024-09-10 | by ( Ryann Liebenthal | ) www.businessinsider.com time to read: +13 min

In 1970 there had been only 18,333 students enrolled at degree-granting for-profit schools, less than a quarter of a percent of the total number of college students. In 2010, Tom Harkin, chair of the Senate's education committee, began a two-year investigation into for-profit schools. But even more shocking, federal money flowing to for-profit schools accounted for 25% of all federal student aid and 47% of eventual loan defaults. Students' money enriched every corner of the for-profit industry except one: quality of instruction. In fact, these for-profit students were actually worse off than if they hadn't gone to school at all.

Persons: Kaplan, bankrolling, —, underperformers, Ashford, Warburg Pincus, Tom Harkin, Harkin, Goldman Sachs, Goldman, Pell Grant, Ryann Liebenthal Harper, Stephanie Riegg Cellini, Cellini, Ryann Liebenthal Organizations: University of, Apollo Group, ITT Tech, Fortune, Federal Family Education, Ashford, University, company's, Ashford University, Bridgepoint Education, New, Defense Department, Bloomberg, Camp Lejeune, Ryann Liebenthal Harper Collins Publishers, Books, HarperCollins Publishers Locations: California, New York City, Bridgepoint, Pell, Vietnam, Iraq, Camp, Oakland , California

☆ A Gen Xer got $112,000 in student loans forgiven after paying off a 'worthless degree' for over a decade. Now she can enter retirement debt-free.
▼ + stars: | 2024-07-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Read previewSheila Reed, 57, is no longer facing a lifetime of student-loan payments. 'I'm just glad it's over'Reed didn't know she would struggle so much to pay off her student loans. But with the relief, she can now begin to save money as she nears retirement and is grateful her student loans are in the rearview mirror. Advertisement"Now, when I do think about the student loans, I think of them being discharged," she said. Are you struggling with student-loan payments?

Persons: —, Sheila Reed, Reed, I'm, Reed didn't, she's Organizations: Service, Westwood College, Business, BI —, Education Department, Westwood, Public, Corinthian Colleges, ITT Technical Institute, Republican

☆ These are the 5 groups of borrowers eligible for Biden's new student loan forgiveness plan
▼ + stars: | 2024-04-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Borrowers with 'runaway interest'More than 25 million borrowers owe more than they originally borrowed in federal student loans because of accrued interest charges, according to the Biden administration. Anyone enrolled in the Saving on a Valuable Education Plan, or SAVE, or any other income-driven repayment plan would be eligible without having to apply. Borrowers eligible for forgiveness programs, who haven't appliedConsumer advocates and borrowers have complained that the government's debt forgiveness programs can be hard to know about and to access. Borrowers who entered repayment over 20 years agoAnother 2.5 million borrowers would benefit from the forgiveness of student loans that have been held for two decades or longer. Borrowers who enrolled in 'low-value' collegesGraduates with loans from "low-value" institutions or programs would also be eligible for loan forgiveness.

Persons: Biden, they're, haven't Organizations: Public, Education, Federal, Aid, Education Department, Corinthian Colleges, ITT Technical Institute

☆ Biden is still running on a promise to get student-loan forgiveness to 'as many borrowers as possible.' Here's where his debt relief efforts stand.
▼ + stars: | 2024-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

When Biden was first running for office, he campaigned on canceling $10,000 in student debt per borrower, along with reforming repayment programs like Public Service Loan Forgiveness. AdvertisementThe Education Department is undergoing a process to get relief to borrowers using a different law, but it will take time to reach borrowers. Targeted student-loan forgivenessWhile the Supreme Court struck down Biden's first try at broad student-loan forgiveness, he has still enacted smaller amounts of relief to borrowers through various reforms. Additionally, the Education Department has announced debt cancellation for borrowers defrauded by the schools they attended, including the major for-profit chains ITT Technical Institute and Corinthian Colleges. In February, the department announced $1.2 billion in debt relief for 153,000 borrowers, the first group to benefit from that provision.

Persons: —, Joe Biden, Biden, Clare McCann, Arnold Ventures —, McCann, Biden's, Donald Trump Organizations: Service, Public, Biden, Business, Department, Arnold Ventures, Education Department, ITT Technical Institute, Corinthian Colleges, Education, Higher Locations: PSLF, deferment

U.S. President Joe Biden speaks about his plans for continued student debt relief after a U.S. Supreme Court decision blocking his plan to cancel $430 billion in student loan debt, at the White House in Washington, U.S. June 30, 2023. The rule is separate from Biden's more sweeping student debt relief plan. The Supreme Court in June blocked his administration from canceling $430 billion in student loan debt for 43 million borrowers. The Democratic president has since announced plans to provide relief for student loan borrowers using a different approach. CCST sued in February after the Education Department in October finalized a rule changing a "borrower defense to repayment" program that allows students to seek debt relief if their schools mislead them.

Persons: Joe Biden, Leah Millis, Biden, Edith Jones, Kyle Duncan, Cory Wilson, CCST, The Biden, Nate Raymond, Alistair Bell Organizations: U.S, Supreme, White, REUTERS, ITT Educational Services, Circuit, Colleges, Schools of Texas, Democratic, Republican, U.S . Department of Education, Education Department, Corinthian Colleges, ITT Technical Institute, The, Thomson Locations: Washington , U.S, New Orleans, Boston

your moneyThere are still plenty of ways to get your student debt wiped away. That’s because the Supreme Court’s disapproval of the plan does not change laws and regulations that already give many federal student loan borrowers an escape hatch. What follows is a list of ways to eliminate your federal student loan balance aside from paying in full. If you know someone who is struggling with student loan debt, suggest that the borrower review every last option. Bankruptcy DischargeYes, you can discharge your student loan debt by filing for personal bankruptcy.

Persons: Biden’s, —, It’s, Biden, Tara Siegel Bernard, Ann Carrns, Ann, Donald J, Trump, Tara Organizations: U.S . Department of Education, Education Department, Public, Westwood College, Corinthian Colleges, DeVry University, ITT Technical Institute, Social Security Administration, Department of Veterans Affairs Locations: forbearance

☆ Biden could protect student-loan borrowers from being stuck with useless degrees and a lot of debt by bringing back a rule Trump ditched, progressive lawmakers say
▼ + stars: | 2023-04-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

It included reinstating and strengthening the gainful employment rule, which protects student-loan borrowers from unaffordable debt post-graduation. Biden delayed implementation of the rule until 2024 and is expected to put out a proposal this month. "The Gainful Employment rule is a cornerstone of our ambitious regulatory agenda," the spokesperson said. Along with reinstating gainful employment, lawmakers and advocates have also called for the executives of for-profit schools to be held liable for costs when the school shuts down, rather than taxpayers and borrowers. Now, lawmakers and advocates await the department's gainful employment proposal.

☆ Student-loan borrowers just got an added layer of protection from schools that take advantage of them 'to make a quick buck'
▼ + stars: | 2023-03-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

It will be using secret shoppers to identify misleading behavior that push students to take on debt. Findings from secret shopping will be used as evidence to support any investigation the department will conduct into a school that could be engaging in predatory behavior. "Secret shopping is another tool in FSA's toolbox as we expand our oversight work to hold predatory schools accountable," FSA Director Richard Cordray said in a statement. "Our focus—as always—is to ensure that students, borrowers, families, and taxpayers are not being preyed upon to make a quick buck." "Consequences for schools that violate these prohibitions could include the termination or limitation of a school's participation in the Department's federal student aid programs," Kristen Donoughue, FSA's chief enforcement officer, wrote in the blog.

☆ Canceling student debt for millions of borrowers 'cheated by for-profit colleges' isn't enough, Biden's Education Department says — it's time for the top executives to pay up
▼ + stars: | 2023-03-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department released new guidance to hold executives of for-profit colleges financially liable for unpaid costs to the government. When a school shuts down or is accused of fraud, taxpayers or students often pay the costs. Last week, the Education Department released new guidance on implementing the Education Secretary's authority to hold executives of private colleges financially liable for the cost of unpaid debts defrauded students took on. "The Biden-Harris Administration is canceling the loans of more than a million borrowers cheated by for-profit colleges. But too often, the owners and executives of these colleges escape liability," Under Secretary of Education James Kvaal said in a statement.

☆ Biden's Education Secretary responds to student-loan borrowers with private debt who don't qualify for federal relief: 'We can control our loans. We can't control other loans'
▼ + stars: | 2023-03-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Miguel Cardona pushed back on opponents who say Biden's debt relief is unfair to those with private loans. He said the department "can't control other loans," responding to those with private debt. The Supreme Court heard oral arguments to the federal relief plan on Tuesday. He was asked what he would say to those who do not qualify for the federal relief, like borrowers with private loans. Shortly after Biden's debt relief was announced, the Education Department changed the eligibility requirements due to the rising legal challenges.

☆ It just got easier for defrauded student-loan borrowers to apply for debt cancellation
▼ + stars: | 2023-02-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department launched a new website to help defrauded student-loan borrowers apply for debt relief. While this website may ease the application process, many defrauded borrowers continue to wait for relief. Approval of those claims means the department will discharge any debt the student took out to attend the school in question. It includes information on reasons borrowers apply for borrower defense, what type of misconduct qualifies for debt relief, specific details on information borrowers should include in their claims, and what happens after a borrower applies. A section of Federal Student Aid's new borrower defense website detailing information to include in a claim.

☆ Student-loan borrowers should not be 'scammed out of an education and into a mountain of debt,' 3 Democratic lawmakers say. Here's how their new bill would help prevent that.
▼ + stars: | 2022-12-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Three Democratic lawmakers introduced a bill to increase oversight of for-profit colleges. The bill would create a committee to oversee the industry and monitor potential predatory behavior. For-profit schools have come under scrutiny for loading students up with debt they cannot pay off. "We cannot let this industry continue to take advantage of students without proper federal oversight." Along with Democratic lawmakers, President Joe Biden's Education Department has taken steps to increase oversight over the for-profit industry.

If you submitted a borrower defense application before June 22, 2022, you are already a part of the class. She says borrowers typically receive correspondence saying that their borrower defense application has been received. Here's a simple three-step process that Lewis recommends to help you get your borrower defense application approved faster. Start filling out the borrower defense application on studentaid.govFirst, you need to start filling out the borrower defense application, which can be found at studentaid.gov. Section 4 of the borrower defense application has a few places where you can paste this information.

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