A Deep Dive into the Debate Over Federal Student Loan Forgiveness
After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more
On March 28, 2024, four former Walden University students (“Plaintiffs”) filed a proposed settlement both individually and on behalf of a putative class of current and former Walden University (“Walden”) students with the...more
The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final...more
As federal student loan repayments resume after a three-year pause due to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight on student borrowers’ experiences, using consumer...more
In this article, we share a timeline of our monthly "bites" for 2023 applicable to student lending along with some information related to financial products and services offered to students....more
The Consumer Financial Protection Bureau highlighted its observations of the resumption of federal student loan payments by consumers after more than three years of a payment moratorium due to COVID-19 in a report released on...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
On November 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced that it had partnered with the 11 States of California, Delaware, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, South Carolina,...more
The White House signaled last week that, with the resumption of federal student loan payments, federal student loan servicers can expect to face increased scrutiny. The Department of Education issued a “Framework for Student...more
It’s hard to keep up with all the recent changes to labor and employment law, especially since the law always seems to evolve at a rapid pace. In order to ensure you stay on top of the latest changes and have an action plan...more
As part of its pledge to improve student loan programs and advance diversity and opportunity in higher education, the Biden administration has forgiven a total of $127 billion in student debt for 3.6 million borrowers,...more
Higher education clients who accept federal student loans may have recently received emails from the Department of Education (“Department”) notifying them of borrower defense claims seeking to avoid loan repayment obligations...more
October is here. That means football is in full swing, pumpkin spice lattes are plentiful, and federal student loan payments will resume after being on pause since 2020. Employees with student loan debt are feeling the pinch...more
On June 30, 2023, the U.S. Supreme Court invoked the “major questions doctrine” for the second time, concluding that the Biden Administration’s plan to forgive $430 billion of federal student loans under the Health and...more
On March 27, Republican lawmakers Representative Bob Good (R-VA) and Senator Bill Cassidy (R-LA) introduced a joint resolution of disapproval under the Congressional Review Act to overturn the Department of Education’s (DOE)...more
Federal Student Aid’s Office of Enforcement announced a “secret shoppers” program as one of many tools to evaluate a college or university’s recruitment, enrollment, financial aid and other practices. The secret shoppers...more
The U.S. Department of Education (Department) recently surprised the higher education community with a Dear Colleague Letter (DCL GEN-23-03) that sets forth new guidance on third-party servicers with whom institutions of...more
On Thursday, the Department of Education announced that, in certain circumstances, it will require leaders of institutions to assume personal liability as a condition of Title IV Federal Student Aid participation....more
Building on its previous efforts to reduce the cost of federal student loans, the Department of Education (DOE), as directed by the Biden-Harris administration, proposed a new rule on Tuesday, January 10, that would reform...more
On July 13, 2022, the U.S. Department of Education (the Department) published in the Federal Register a Notice of Proposed Rulemaking (the Proposed Rule) to revise its regulations governing student loan discharge standards...more
On March 2, 2022, the U.S. Department of Education’s Office of Federal Student Aid (FSA) for the first time asserted regulatory authority over income share agreements (ISAs) as private education loans. FSA issued an...more
Our Education Team examines how the Borrower Defense Rule is again expanding under the Biden Administration, beginning with a huge decision involving, for the first time, for-profit schools that are still operating. Nearly...more
Here are 5 Changes Student Loan Borrowers Could See in 2022 - "Experts say that if student loan forgiveness is going to happen, it will likely be before the midterm elections." Why this is important: During the last...more
On October 4, 2021, the U.S. Department of Education (ED) commenced the first of five negotiated rulemaking sessions. The five sessions are focused on the federal student financial aid programs authorized under Title IV of...more
After reviewing the existing types of federal student loans and forgiveness programs, we discuss the current political debate over forgiveness, including the Education Dept.’s upcoming analysis of the President’s forgiveness...more