Senator Harkin released draft proposals for Higher Education Act reauthorization in June. As part of this process, Senator Harkin created an email address to receive feedback by August 29. This was intended to facilitate the submisssion of feedback and suggestions from “inter
We wrote an open letter last year to private student lenders urging them to stop making excuses and start helping borrowers. Unfortunately, not much has changed. There have been improvements for newer borrowers. Most new private loan products are better, but let’s not get carr
In the wake of the collapse of Corinthian Colleges (parent company to Everest, Wyotech and Heald brand schools), Corinthian students will have a hard time getting straight answers about their rights and options. Unfortunately, under the agreement between Corinthian and the Department
We issued a policy brief in June on student loan servicing. We urged the Department of Education not to renew the current servicing contracts. We said that borrowers and taxpayers deserve better than five more years of the same old system. We are sorry to report that the Department
The Department has long known that Corinthian Colleges posed a grave risk to its students and to taxpayers. In November 2012, the Department determined that Corinthian failed to earn a minimum financial responsibility score. In addition, since 2007 Corinthian has been the targ
We wrote earlier about a number of important changes to the federal student loan program. It took a long time, but it’s now almost July 1, the date when the new rules become effective. There are a number of important changes, including very significant improvements to the loan r
Last week we issued a report highlighting the urgent need for stronger state oversight of for-profit colleges, Ensuring Educational Integrity: Ten Steps to Improve State Oversight of For-profit Schools. On the heels of this report, Corinthian Colleges announced that the Department of
President Obama announced new executive actions last week to address rising student loan debt burdens. The proposed changes to income-based repayment received the most attention. The current Pay As You Earn plan has the most favorable terms for borrowers, but is only available to ne
We wrote earlier about potential problems with the Department of Education’s new “servicer choice” consolidation application system. At that point, most, but not all borrowers were required to use the new system in order to consolidate with the Direct Loan program.
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