News & Analysis as of

Educational Institutions Student Loans

Minnesota Supreme Court rules schools needed lending license to make student loans

by Ballard Spahr LLP on

The Minnesota Supreme Court recently ruled that two for-profit postsecondary education schools had charged usurious interest rates on student loans and could not charge rates greater than 8% without obtaining a lending...more

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset”...

by Ballard Spahr LLP on

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower...more

Clarifying the status of Gainful Employment and Borrower Defense to Repayment

by Thompson Coburn LLP on

During the second term of the Obama administration, the U.S. Department of Education promulgated several complex regulatory packages. Among the most significant and controversial were the Gainful Employment (“GE”) rule,...more

Dept. of Education postpones effective date of arbitration ban and other provisions of “borrower defense” rule, announces intent...

by Ballard Spahr LLP on

In a notice published in today’s Federal Register, the Dept. of Education announced that it is postponing “until further notice” the July 1, 2017 effective date of various provisions of the “borrower defense” final rule...more

Blog: California Assembly Recommends Eliminating For-Profit Institutions from Cal Grant Program

by Cooley LLP on

While there are indications that Washington has lessened its antipathy towards for-profit institutions, states continue to go in their own directions. This post focuses on the California Assembly’s recommendation to eliminate...more

OIG: U.S. Department of Education Must Do More to Police the Financial Condition of Colleges and Universities

by Hogan Lovells on

Last week, The Chronicle of Higher Education reported that it had analyzed data released by the U.S. Department of Education (“ED”) and concluded that 177 private colleges and universities failed ED’s financial responsibility...more

U.S. Department of Education Publishes Procedures for Group Borrower Defense Claims

by Hogan Lovells on

On 19 January, the U.S. Department of Education published regulations to establish procedural rules governing certain proceedings under the Department’s borrower defense regulations and to update the Department’s related...more

Universities and Colleges Must be Vigilant When Certifying Student Loans

by Saul Ewing LLP on

In Jackson v. Univ. of N. Texas, et. al., the University of North Texas (“UNT”) and various student loan companies faced allegations of improper oversight of student loan certifications and claims submissions in violation of...more

[Webinar] The Elimination of Pre-Dispute Arbitration Clauses and the New Repayment Rates for Proprietary Schools - Dec. 8th,12pm...

by Thompson Coburn LLP on

The fourth webinar in our "Decoding the FINAL Borrower Defense Rule" series will examine the ban on pre-dispute arbitration agreements and class action waivers. We’ll discuss the impact of these rules on past and future...more

[Webinar] Changes to Closed School and False Certification Discharge - December 6th, 12:00pm CT

by Thompson Coburn LLP on

In our third webinar of the "Decoding the FINAL Borrower Defense Rule" series, we’ll examine the changes the new regulation makes to the closed school and false certification discharge rules. In particular, we’ll focus on the...more

[Webinar] The Revised Financial Responsibility Standards - December 1st, 12:00pm CT

by Thompson Coburn LLP on

Among the significant changes made by the new rules are revisions to the financial responsibility standards that apply to private institutions (both nonprofit and proprietary). The regulation creates a significant number of...more

[Webinar] The New Borrower Defense Framework - November 29th, 12:00pm CT

by Thompson Coburn LLP on

In this first webinar of the "Decoding the FINAL Borrower Defense Rule" series, we’ll closely examine the new borrower defense framework, with particular attention to what constitutes a valid “claim,” the risk of...more

Department of Education Adopts Rules Increasing Student Loan Risk for Schools

by McGuireWoods LLP on

As we previously reported, in June the Department of Education (DOE) proposed new rules relating to when students could assert a borrower defense to repayment, effectively a discharge of student loans. On November 1, DOE...more

CFPB enters into consent order with for-profit college owner

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Bridgepoint Education, Inc., the owner of two for-profit colleges, to settle charges that the company’s representatives engaged in deceptive acts or practices...more

Proposed Borrower Defense Rules May Significantly Impact Higher Education Institutions

by Fisher Phillips on

The US Department of Education (ED) recently released a significant Notice of Proposed Rulemaking which could impact most institutions of higher education. In a nutshell, the proposed regulations are designed to provide...more

U.S. Department of Education Outlines Loan Relief Pathway for Certain Students

by Carlton Fields on

On March 11, the U.S. Department of Education (DOE) released an advanced proposal of rulemaking that would establish a more "borrower-friendly process" for students seeking loan relief triggered by unscrupulous conduct by...more

Department of Education Proposes Rules Increasing Student Loan Risk to Schools

by McGuireWoods LLP on

On June 13, the Department of Education (DOE) proposed new rules relating to effective discharges of student loans. The proposed rules should be of note and concern to all schools, nonprofit and for-profit alike, because of...more

Alert: Challenges to Gainful Employment Student Completer Lists Due July 28

by Cooley LLP on

The US Department of Education has set the deadline for institutions to file corrections to their "student completer lists" as the next major step in ED's effort to publish the first set of rates under the Gainful Employment...more

Alert: New Student Debt Standards Could Allow Massive Loan Forgiveness

by Cooley LLP on

While the Negotiated Rulemaking has concluded, the issues embedded in the Borrower Defense to Repayment regulation (BDTR Rule) remain under active discussion within the US Department of Education and promise to change the...more

Department of Education Creates Student Aid Enforcement Unit

by Ballard Spahr LLP on

The U.S. Department of Education is creating a Student Aid Enforcement Unit to respond to allegations of illegal actions by higher education institutions. The announcement closely follows the Department's and Federal Trade...more

Student Aid Enforcement Unit Formed To Protect Students, Borrowers, And Taxpayers

by Foley & Lardner LLP on

On February 8, 2016, the Obama Administration’s Department of Education announced the creation of a Student Aid Enforcement Unit to respond more quickly and efficiently to allegations of illegal actions by institutes of...more

Alert: New Proposal Offers Limited Access to Federal Student Aid for Alternative Providers

by Cooley LLP on

On October 15, 2015, the US Department of Education ("ED") issued a long-awaited notice announcing an "Experimental Sites Initiative" ("ESI") to permit limited access to federal loan and grant programs for students enrolled...more

Interagency task force issues recommendations on federal student loan servicing contracts

by Ballard Spahr LLP on

Pursuant to a March 2015 Presidential directive, an interagency task force consisting of the Department of the Treasury, Department of Education, Office of Management and Budget, and Domestic Policy Council has issued...more

SEC Files Fraud Action Centered on Student Loans

by Dorsey & Whitney LLP on

Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent...more

How to project gainful employment rates – Part 4

by Thompson Coburn LLP on

By this point our Gainful Employment Series, you will have determined the scope of your institution and the programs that qualify as “GE Programs” (Part 1), created your student cohort (Part 2), and started calculating...more

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