Yesterday evening, the U.S. Department of Education (ED) released a much-anticipated Q&A regarding Borrower Defense to Repayment Reporting due from institutions of higher education beginning on May 14, 2019. The key points of the brief Q&A are:
- Public institutions are subject to certain reporting requirements.
- Debts and liabilities arising from all settlements are subject to reporting.
- Institutions must report all types of litigation brought on or after July 1, 2017.
What this means to you
Colleges and universities should implement systems to provide notifications to ED as directed. Reporting requirements are not static: they require timely updates to ED as litigation proceeds, settlements are entered, and liabilities arise.
