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.
Comments on the Department of Education’s proposed “gainful employment” regulation are due next Tuesday May 27. This is the Department’s second attempt to define what it means for career education programs at public, nonprofit and for-profit colleges to prepare students
The Consumer Financial Protection Bureau’s (CFPB) April 2014 update on student loan complaints highlights a particularly insidious problem in the private student loan industry—the practice of “auto default” in which borrowers in good standing are immediately placed in default on thei
It can be confusing to figure out interest rates on student loans because the rates keep changing. Congress passed a law last year tying the federal student loan interest rates to the financial markets. This led to lower interest rates last year. The question many new borrowers are
The U.S. Senate Health Education Labor & Pensions Committee (HELP) held a very important hearing a few weeks ago on federal student loan issues. This was part of a series of hearings to collect ideas for the reauthorization of the Higher Education Act. The hearing began with test
The U.S. House Committee on Education and the Workforce held a hearing this past week examining mismanagement in the federal student loan rehabilitation process. The hearing coincided with a damning report from the General Accountability Office (GAO), Better Oversight Could Improve D
We sent a letter last week to CFPB Assistant Director and Student Loan Ombudsman Rohit Chopra and Department of Education Chief Operating Officer James Runcie outlining our concerns about the new Direct Loan Consolidation application system. Although we agree generally with enhanced b
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