News & Analysis as of

Federal Student Loans

[Webinar] Borrower Defense Rule: Negotiated Rulemaking Session 1 - December 13th, 12:00pm CT

by Thompson Coburn LLP on

On November 13, 2017, the U.S Department of Education began the process of overhauling a complex and controversial Obama-era regulation commonly referred to as the “borrower defense” rule. During this process, which will...more

ED rebuffs Congressional plea to reinstate terminated CFPB MOUs

by Ballard Spahr LLP on

The Department of Education (ED) has apparently declined a request by 39 members of Congress to reinstate the Memoranda of Understanding (MOUs) between ED and the CFPB. ...more

Pursue Innovation or Maintain Eligibility? A Unique Faculty Model Could Cost an Institution $713 Million and its Future...

by Hogan Lovells on

Instructor. Regular. Substantive. Those three words, as defined by the U.S. Department of Education (“ED”) Office of Inspector General (“OIG”), resulted in OIG’s recent recommendation that Western Governors University (“WGU”)...more

U.S. Department of Education Announces Further Delays to Borrower Defense to Repayment Regulations

by Hogan Lovells on

On October 24, the U.S. Department of Education (“ED”) published an interim final rule to delay until July 1, 2018 the effective date of selected provisions of what have become known as the borrower defense to repayment...more

D.C. belatedly releases Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

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

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

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

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

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

Another trade group seeks federal preemption guidance from ED

by Ballard Spahr LLP on

The National Council of Higher Education Resources (NCHER), a national trade association representing higher education finance organizations, has written to the Department of Education urging the ED to issue preemption...more

Trade association asks ED to confirm preemption of state student loan servicing requirements for federal student loans

by Ballard Spahr LLP on

Education Finance Council, a national trade association representing state-based nonprofit higher education finance organizations, has asked the Department of Education to “publicly state” that the ED’s rules governing...more

Future of Federal Student Loans Takes Center Stage at the Education Department

by Baker Donelson on

Federal student loans have taken on a newfound importance as the Trump Administration seeks to re-envision the role of the federal government in providing funding for higher education. Proposed changes and items under...more

U.S. Department of Education Delays Borrower Defense to Repayment Regulations, Announces New Negotiated Rulemaking Committees

by Hogan Lovells on

On June 14, the U.S. Department of Education (“ED”) announced its plan to convene negotiated rulemaking committees to consider revisions to two major sets of regulations that were developed by the Obama Administration. ED...more

Lawsuit filed challenging Dept. of Education “borrower defense” final rule banning arbitration

by Ballard Spahr LLP on

The California Association of Private Postsecondary Schools (CAPPS) has filed a complaint in D.C. federal district court against the Dept. of Education and Education Secretary Betsy DeVos to overturn the “borrower defense”...more

Department of Education Announces Overhaul of Federal Student Loan System

On Friday, Secretary of Education Betsy DeVos announced a plan by the Department of Education to award its entire student loan servicing portfolio to a single company – down from its current roster of nine. The Department of...more

CFPB's Monthly Report Focuses on Student Loan Products

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more

CFPB April 2017 complaint report highlights student loan complaints, complaints from Nevada consumers

by Ballard Spahr LLP on

The CFPB has issued its April 2017 complaint report that highlights student loan complaints. The report also highlights complaints from consumers in Nevada and the Las Vegas metro area....more

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

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