The U.S. House of Representatives voted yesterday to overturn a key student loan forgiveness rule
The U.S. House of Representatives voted Thursday to overturn a key student loan forgiveness rule.The House voted 231-180 to overturn new regulations introduced by U.S. Secretary of Education Betsy DeVos that critics argue limit student loan forgiveness when a college closes due to fraud.
The Obama-era rules, known as borrower defense to repayment, allow students to have their federal student loans forgiven if a school employed illegal or deceptive practices to encourage the students to borrow debt to attend the school. Without these rules, students are potentially on the hook to repay federal student loans even if they didn’t find gainful employment or finish their degree before their school closed.
Of those students, 3,289 student borrowers made one or more loan payments because of these demands, which they were not actually supposed to pay The Department has still not confirmed that 1,147 students’ loans are in the correct status, leaving those students in limboThe Department subjected 1,808 students to involuntary debt collections ”
To reinstate the borrower defense rules, the U.S. Senate also would have to vote to overturn, which likely will not pass. Even if it did, President Trump likely would veto the bill.As Washington debates the future of student loans, make sure you understand all your student loan repayment options. You can explore:
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