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Education Finance & Banking

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.

CFPB Student Loan Ombudsman issues sixth annual report

by Ballard Spahr LLP on

The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

UC Merced Celebrates One-Year Anniversary of Groundbreaking for 2020 Project

by Nossaman LLP on

This week, the Regents of the University of California and the University of California, Merced are celebrating the one-year anniversary of groundbreaking for the $1.3 billion, 1.2 million GSF UC Merced 2020 Project (the...more

Plan Fee Litigation: Protecting Fiduciaries

by Burns & Levinson LLP on

Targeting Educational Institutions - Since August, 2016, sixteen institutions of higher education with large retirement plans have become targets of federal lawsuits for breach of fiduciary duty under ERISA. To date, the...more

FTC announces coordinated enforcement initiative with state AGs targeting student loan debt relief providers

by Ballard Spahr LLP on

Last Friday, as expected, the FTC announced the launch of a coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief companies. ...more

How does Last Best Offer Interest Arbitration Work When The State Has Not Adopted Its Budget?

According to the State Department of Education, approximately 100 Connecticut school districts are scheduled to engage in negotiations with teacher and/or administrator bargaining units by the end of December, 2017. As those...more

FTC targets student loan debt relief companies

by Ballard Spahr LLP on

A recent flurry of FTC enforcement activity targeting companies offering student loan debt relief services suggests such companies could be the subject of the announcement scheduled for tomorrow “of a major coordinated...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A sobering look at the post-recession economic recovery shows that while by many measures US economic figures are again strong, the recession caused wounds that “have not fully healed”—including the loss of more than 1.5...more

Merced and LA Mayor Win Big at P3 Awards

by Nossaman LLP on

The UC Merced 2020 Project was a big winner at P3 Bulletin’s annual P3 Awards ceremony held in Washington D.C. last month, claiming the Gold Award for Best Social Infrastructure Project, along with the Silver Award in the...more

D.C. and California Issue Student Loan Servicing Regulations, Join Other States in Migrating Licenses to NMLS

by Ballard Spahr LLP on

As we reported last month, the District of Columbia Department of Insurance, Securities and Banking (DISB) started accepting applications and transition filings for the Student Loan Servicer License on the Nationwide Mortgage...more

Penn Succeeds in Dismissing Retirement Plan Proposed Class Action

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Since August 2016, sixteen elite colleges and universities have faced class action lawsuits related to management of their retirement plans. After five cases previously survived motions to dismiss, the...more

The Non-Dischargeable Student Loan - BB&K Attorney Cathy Ta Writes for Riverside Lawyer Magazine

by Best Best & Krieger LLP on

Obtaining a bankruptcy discharge of debts is the primary tool in providing the "honest but unfortunate debtor" a fresh start. Yet, a student loan made or guaranteed by a governmental unit or nonprofit is excepted from the...more

California and Washington, D.C. issue student loan servicing regulations

by Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

How to Get a Student Loan Discharged Because of a Disability

Many people with disability income owe student loans. Although deferring repayment or working out a repayment plan based on the individual’s income are possible options, there’s also a process for discharging student loans...more

Director Cordray Invites Secretary DeVos to Resurrect CFPB-ED Cooperation

by Ballard Spahr LLP on

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has responded to the letter from the Department of Education (ED) terminating the Memoranda of Understanding (MOUs) between the agencies....more

California School & Community College District Bond Legislation Update - September 2017

Good news on the legislative front for 2018 bond elections! First, the following bills have become two-year bills: Senate Bill 7 (Moorlach), which would require a school or community college district bond measure be...more

Congressional Preview - Fall 2017

Summer isn’t quite over yet, but the August recess is coming to an end and Congress returns next week to resume work on a number of outstanding issues, as the Trump Administration continues to aggressively implement the...more

ED Rebukes CFPB “Abuse” with Termination of MOUs, Announces Expansion of Internal Oversight

by Ballard Spahr LLP on

The Department of Education (ED) recently delivered a letter to the Consumer Financial Protection Bureau (CFPB) providing notice of its intent to terminate the Memoranda of Understanding (MOUs) between the agencies. The...more

New Tax Credit for Student Loan Debt - Time Sensitive!

by Pessin Katz Law, P.A. on

Are you a Maryland resident? Do you have student loan debt? Well, good news – you may be eligible for a new tax credit on your 2017 tax return!...more

Illinois student loan servicing bill vetoed

by Ballard Spahr LLP on

Senate Bill 1351, known as the Illinois Student Loan Bill of Rights, was vetoed at the end of last week by the state’s Republican Governor.  The bill would have created a student loan ombudsman and implemented new...more

CFPB Files Complaint Against Private Equity Firm for Predatory Lending Practices for Student Loans

by Goodwin on

On August 17, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint ?and proposed settlement ?against an Oregon private equity firm and related entities for aiding a post-secondary...more

CFPB releases state-level data on student debt impact on older borrowers

by Ballard Spahr LLP on

The CFPB has released a new report, “Older consumers and student loan debt by state.” The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number...more

CFPB files amicus brief in support of Education Dept. appeal seeking to overturn preliminary injunction barring student loan...

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in support of the Department of Education’s appeal asking the U.S. Court of Appeals for the Federal Circuit to vacate a preliminary injunction entered by the Court of Federal Claims that...more

D.C. accepting student loan servicer license applications; CT adopts student loan servicing standards

by Ballard Spahr LLP on

D.C. License Applications. The District of Columbia Department of Insurance, Securities and Banking recently started to accept applications and transition fillings for a Student Loan Servicer License on the National Mortgage...more

CFPB issues reports on student loan repayment and repayment assistance programs

by Ballard Spahr LLP on

The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more

D.C. Adds Student Loan Servicer License to NMLS

by Ballard Spahr LLP on

On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

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