News & Analysis as of

Federal Student Loans

Secretary DeVos withdraws Dept. of Education’s policy direction for student loan servicing

by Ballard Spahr LLP on

In a memorandum issued last week, U.S. Department of Education Secretary Betsy DeVos withdrew various memoranda issued by the Obama Administration ED Secretary and the ED’s Financial Student Aid Division (FSA) that provided...more

What to Expect under Secretary of Education Betsy DeVos

by Jackson Lewis P.C. on

DeVos has a record of promoting charter schools and school vouchers at the K-12 level, but little is known about her priorities for higher education. Her prepared comments and responses during her Senate confirmation hearing...more

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

by Goodwin on

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

JPMorgan and other asset managers are pushing hard for a new type of ETF that “mimics active strategies but keeps its investments secret.” The concept hasn’t yet been embraced by the SEC, though the heavy-hitters looking to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We learned about Navient and its allegedly trouble-filled student-loan servicing practices yesterday. Turns out the issues are not only long-standing, but they bear similarities to the mortgage-lending issues that were at...more

Eighth Circuit Considers Materiality Under the FCA Following the Supreme Court’s Escobar Decision

by Ropes & Gray LLP on

On October 19, 2016, the Eighth Circuit issued one of the first post-Escobar opinions addressing materiality under the False Claims Act (“FCA”). In United States ex rel. Miller v. Weston Educational, Inc, No. 14-1760, 2016 WL...more

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

by Ballard Spahr LLP on

On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

Alert: All Institutions Face New Risks Under ED’s Final Borrower Defense Rule

by Cooley LLP on

In this, the first in a series of client alerts that will explain the workings of the new Borrower Defense to Repayment Rule (BDTR), we explore what promises to be a series of rules, procedures and interpretations to be...more

Dept. of Ed. Bans Pre-Dispute Arbitration Agreements by Title IV Schools

by Ballard Spahr LLP on

The U.S. Department of Education has issued a final rule that broadly addresses the ability of a student to assert a school's misconduct as a defense to repayment of a federal student loan. The final rule includes a ban on...more

CFPB Student Loan Ombudsman’s fifth annual report highlights complaints about transition from default to income-driven repayment...

by Ballard Spahr LLP on

The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more

CBA President lists “Five Things the CFPB Should Do To Be More Widely Respected”

by Ballard Spahr LLP on

Richard Hunt, the President and CEO of the Consumer Bankers Association, recently published on his blog a list of “Five Things the CFPB Should Do To Be More Widely Respected.”   Mr. Hunt’s list consists of the following...more

Choice is Knowledge: H.R. 3178

This is the fifth installment in a series examining five bipartisan bills advanced by the House Committee on Education and the Workforce on June 22, 2016 and approved by the full House of Representatives on July 11, 2016....more

Dept. of Education announces federal student loan policy direction

by Ballard Spahr LLP on

The Department of Education has released a memorandum to provide policy direction for the new federal student loan “state-of-the-art loan servicing ecosystem” that the ED is currently procuring. According to the memorandum,...more

Caught in the Cross-Fire: Student Loan Lenders and Servicers’ Risks in the Bankruptcy Fight over College Tuition Clawbacks

Many parents hope to fund, in some part, their children’s college educations, and the federal government has created a system of incentives, including tax advantaged 529 plans, to support that expectation. Recent research...more

FCC Takes Narrowest Read of Congress’ Exemption to the TCPA for Federally Guaranteed Loans

by Dorsey & Whitney LLP on

Commentary on the Notice of Proposed Rule Making, Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991, CG Docket No. 02-278, issued May 6, 2016. There was much ado about the Federal...more

TCPA Exemption for Collection of Federal Debts Applies Retroactively, CA Federal Court Rules

by Ballard Spahr LLP on

The new Telephone Consumer Protection Act (TCPA) exemption for calls made to cellular numbers to collect debts owed to or guaranteed by the United States applies retroactively to calls made before the exemption's effective...more

Class Action TCPA Case Dismissed Because Calls Were Made Solely To Collect a Debt Owed To Or Guaranteed By The United States

by Foley & Lardner LLP on

The Pennsylvania Higher Education Assistance Agency autodialed student debtor, Neil Silver, in January 2014 in an effort to collect on student debt. Silver claimed that these calls were made without his consent, and therefore...more

Dept. of Education considering ban on use of arbitration agreements by schools receiving Title IV assistance

by Ballard Spahr LLP on

We recently blogged about Public Citizen, Inc.’s petition to the Department of Education requesting the Department to adopt a rule requiring schools to agree, as a condition of receiving Title IV assistance under the Higher...more

The CFPB Sets Its Sights on Federal Student Loan Complaints

by White & Case LLP on

Last week, the CFPB announced that it would begin accepting complaints from consumers encountering problems with loans from online marketplace lenders, which generated much discussion amongst the industry. In contrast, two...more

Dept. of Education extends comment period for new online complaint system

by Ballard Spahr LLP on

The Department of Education has published a notice in the Federal Register extending the period for comments to be submitted on its plans to create a new Web site by July 1, 2016 for students and borrowers “to file complaints...more

Former CFPB student loan ombudsman joins Education Dept.

by Ballard Spahr LLP on

Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers. Politico also reported that in...more

Senators urges Dept. of Education to delay use of robocalls in collection of federal student loans

by Ballard Spahr LLP on

In a letter sent last week to U.S. Department of Education Secretary Arne Duncan, four U.S. Senators urge the ED “to direct federal student loan servicers, debt collectors, and all other third parties” to delay use of the new...more

Department of Education invites comments on new complaint online system

by Ballard Spahr LLP on

The Department of Education has published a notice in the Federal Register inviting comments on its plans to create a new Web site by July 1, 2016 for students and borrowers to file complaints about federal student loans. The...more

The Nuts and Bolts of Reauthorization

by Thompson Coburn LLP on

As most in higher education are aware, Congress is currently working to reauthorize the Higher Education Act of 1965, as amended (HEA), the seminal legislation that created and governs the administration of the federal...more

One More Reason the New Budget Act Is Good for the Government, and Here’s a Hint: It Relates to the TCPA!

by Reed Smith on

Anyone paying attention to goings-on in Washington last week might have heard a loud, bipartisan sigh of relief when both the House and the Senate passed a budget deal that temporarily averted another government shutdown or...more

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