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consumer lawyers want to end education department’s partial student debt relief


the project on predatory student lending is suing education secretary betsy devos and the education department over the use of earnings data to grant partial student debt relief. (joe raedle/getty images)the project on predatory student lending at harvard university, a legal services clinic, has asked a federal judge to stop education secretary betsy devos and the education department from using earnings data to grant only partial student loan forgiveness to defrauded borrowers.the motion for an injunction filed over the weekend stems from the department’s decision in december to provide debt relief to former students of corinthian colleges by comparing the average earnings of students in similar vocational programs. that earnings information is collected under gainful employment, a ...






betsy devos takes action on backlog of student debt relief claims


betsy devos’s education department has approved 12,900 applications for student loan forgiveness. (ted s. warren/ap)updated with a response from the social security administration.the u.s. department of education said wednesday it has approved 12,900 applications for student loan forgiveness and denied 8,600 from former students of corinthian colleges, while implementing a plan to grant partial relief to others defrauded by the defunct for-profit chain.the announcement is the first substantial step education secretary betsy devos has taken to clear a backlog of debt relief claims that amassed over the past year. it arrives as the secretary and the department are facing lawsuits from attorneys general and consumer advocates for halting the loan forgiveness process. but the path dev...






betsy devos takes action on backlog of student debt relief claims


betsy devos’s education department has approved 12,900 applications for student loan forgiveness. (ted s. warren/ap)the u.s. department of education said wednesday it has approved 12,900 applications for student loan forgiveness and denied 8,600 from former students of corinthian colleges, while implementing a plan to grant partial relief to others defrauded by the defunct for-profit chain.the announcement is the first substantial step education secretary betsy devos has taken to clear a backlog of debt relief claims that amassed over the last year. it arrives as the secretary and the department are facing lawsuits from attorneys general and consumer advocates for halting the loan forgiveness process. but the path devos is charting for the management of applications may create ...






education inspector general calls on agency to process backlog of student debt r


the education department’s inspector general is advising secretary betsy devos and her officials to resume the approval process for a backlog of student debt relief claims. (andrew harrer/bloomberg news)the u.s. department of education’s inspector general issued a report this week urging the office of federal student aid to take action on tens of thousands of debt forgiveness applications languishing at the agency. [pressure mounts for betsy devos to address the backlog of 87,000 student debt relief claims] the report puts a fine point on the criticism student advocates and liberal lawmakers have directed toward education secretary betsy devos for refusing to process debt relief claims submitted by federal student loan borrowers who were defrauded by their colleges. the inspector ge...






pressure mounts for betsy devos to address the backlog of 87,000 student debt re


senate democrats are urging education secretary betsy devos to process the debt relief claims of 87,000 federal student loan borrowers. (ap)senate democrats are urging education secretary betsy devos to forgive the federal student loans of borrowers who were defrauded by their colleges, as the number of debt relief claims at the education department grows.the washington post reported in october that there are more than 87,000 applications for debt relief pending at the department, according to people within the agency who were not authorized to speak publicly. the agency has the authority to discharge federal student loans when a college uses illegal tactics to persuade a student to borrow money to attend, but not a single application has been approved since the trump administration ...






pressure mounts for betsy devos to address the backlog of 87,000 student debt re


education secretary betsy devos speaks at george mason university event. senate democrats are urging devos to process the debt relief claims of 87,000 federal student loan borrowers. (ap)senate democrats are urging education secretary betsy devos to forgive the federal student loans of borrowers who were defrauded by their colleges, as the number of debt relief claims at the department of education grows.the washington post reported in october that there are more than 87,000 applications for debt relief pending at the department, according to people within the agency who were not authorized to speak publicly. the agency has the authority to discharge federal student loans when a college uses illegal tactics to persuade a student to borrow money to attend, but not a single applicatio...






education digest: student-loan defaults rising


higher educationstudent-loan defaults were on rise in 2016a new analysis of federal student loans reveals that the number of people severely behind on repaying their debt has soared in the past year, painting a bleak picture of one of the largest government programs.the consumer federation of america released a study tuesday that found that millions of people had not made a payment on $137 billion in federal student loans for at least nine months in 2016, a 14 percent increase in defaults from a year earlier. the consumer watchdog used the latest data from the education department, which manages $1.3 trillion in federal student debt owed by 42.4 million americans.—danielle douglas-gabriel






betsy devos hit with two lawsuits in one day over backlog of student debt relief


top state law enforcement officials sued education secretary betsy devos on thursday for failing to process debt relief claims submitted by former corinthian colleges students. (jim lo scalzo/epa-efe/rex/shutterstock)pressure is mounting on education secretary betsy devos to take action on thousands of federal student loan forgiveness applications languishing at the u.s. department of education.on thursday, california attorney general xavier becerra sued devos and the department for failing to process more than 50,000 debt relief claims submitted by former corinthian colleges students. the case is similar to a separate lawsuit filed the same day by the attorneys general of massachusetts, new york and illinois alleging that the trump administration is violating federal law by refusing ...






student loan defaults are rising faster than you think


gan gola of los angeles holds a ball and chain representing his college loan debt during protests in washington in 2011. (jacquelyn martin/associated press)a new analysis of federal student loans reveals that the number of people severely behind on repaying their debt has soared in the past year, painting a bleak picture of one of the largest government programs.the consumer federation of america (cfa) released a study tuesday that found that millions of people had not made a payment on $137 billion in federal student loans for at least nine months in 2016, a 14 percent increase in defaults from a year earlier. the consumer watchdog used the latest data from the education department, which manages $1.3 trillion in federal student debt owed by 42.4 million americans. [what everybody th...






student loan defaults are rising faster than you think


gan gola of los angeles holds a ball and chain representing his college loan debt, during protests in washington in 2011. (ap photo/jacquelyn martin, file)a new analysis of federal student loans reveals the number of people severely behind on repaying their debt has soared in the last year, painting a bleak picture of one of the largest government programs.the consumer federation of america released a study tuesday that found that millions of people had not made a payment on $137 billion in federal student loans for at least nine months in 2016, a 14 percent increase in defaults from a year earlier. the consumer watchdog used the latest data from the education department, which manages $1.3 trillion in federal student debt owed by 42.4 million americans. [what everybody thinks about s...






devos may only forgive some loans of defrauded students


washington — the education department is considering only partially forgiving federal loans for students defrauded by for-profit colleges, according to department officials, abandoning the obama administration’s policy of erasing that debt.under president barack obama, tens of thousands of students deceived by now-defunct for-profit schools had over $550 million in such loans canceled.but president donald trump’s education secretary, betsy devos, is working on a plan that could grant such students just partial relief, according to department officials. the department may look at the average earnings of students in similar programs and schools to determine how much debt to wipe away.the officials were not authorized to publicly comment on the issue and spoke on condition of anonymity....






trump budget’s $11b education cut leaves advocates outraged


educators and advocates are ripping president trump's plan to eliminate subsidized student loans and loan forgiveness programs in his proposed education budget. critics say the plans contradict trump's campaign vows to make college more affordable at time when student debt is ballooning. but trump's 2018 budget, unveiled tuesday, seeks to save over $1 billion in federal education spending by eliminating subsidized student loans. another $859 million would be saved by ending student debt forgiveness for those who enter public service.the president’s plan would shred student safety nets, critics charged.(olivier douliery / pool/epa) the budget proposal also cuts funding for federal work-study programs, which help students pay for college.trump budget plan breaks campaig...






federal trade commission teams with state ags to combat student debt relief scam


(istock)the federal trade commission said friday that it has formed a task force with 12 state attorneys general to crack down on student debt relief scams. [student debt relief scams are on the rise. here’s how this government official plans to stop it.] the federal-state initiative, dubbed operation game of loans, is responsible for five cases against companies, such as student debt doctor and american student loan consolidators, accused of misleading borrowers about their ability to lower student-loan payments or illegally charging upfront fees before providing the service. the task force, which includes law enforcement in maryland and the district, has frozen the assets of the accused and obtained temporary restraining orders to bring their operations to a halt.“winter is ...






trump budget’s $11b education cut leaves advocates outraged


educators and advocates are ripping president trump's plan to eliminate subsidized student loans and loan forgiveness programs in his proposed education budget. critics say the plans contradict trump's campaign vows to make college more affordable at time when student debt is ballooning. but trump's 2018 budget, unveiled tuesday, seeks to save over $1 billion in federal education spending by eliminating subsidized student loans. another $859 million would be saved by ending debt forgiveness for grads who enter public service.the president’s plan would shred student safety nets, critics charged.(olivier douliery / pool/epa) the budget proposal also cuts funding for federal work-study programs, which help students pay for college.trump budget plan breaks campaign promis...






betsy devos hits hard reset on student loan servicing contracts


education secretary betsy devos (ap photo/evan vucci)the department of education said friday that it will select one company to collect student debt payments on its behalf, rather than the nine contractors that currently handle the federal government’s $1.2 trillion portfolio of education loans.the decision, which would take effect once the existing contracts expire in 2019, reverses years of policy implemented by the obama administration and would revive a servicing model that had an equal number of benefits and problems.“we can better monitor the performance of one servicer and one platform,” james manning, acting undersecretary of education, said on a call with reporters friday. [devos dials back consumer protections for student loan borrowers] education officials are in the m...






betsy devos hits hard reset on student loan servicing contracts


education secretary betsy devos (evan vucci/ap)the education department said friday that it will select one company to collect student debt payments on its behalf, rather than the nine contractors that currently handle the federal government’s $1.2 trillion portfolio of education loans.the decision, which would take effect once the existing contracts expire in 2019, reverses years of policy implemented by the obama administration and would revive a servicing model that had an equal number of benefits and problems.“we can better monitor the performance of one servicer and one platform,” james manning, acting undersecretary of education, said on a call with reporters friday. [devos dials back consumer protections for student loan borrowers] education officials are in the middle of ...






devos dials back consumer protections for student loan borrowers


betsy devos, u.s. secretary of education, speaks to employees earlier this year, on her first day at the department of education in washington. (bloomberg)education secretary betsy devos on tuesday withdrew a series of policy memos issued by the obama administration to strengthen consumer protections for student loan borrowers.the education department is in the middle of issuing new contracts to student loan servicing companies that collect payments on behalf of the agency. these middlemen are responsible for placing borrowers in affordable repayment plans and keeping them from defaulting on their loans. but in the face of mounting consumer complaints over poor communication, mismanaged paperwork and delays in processing payments, the previous administration included contract requirements.






on track for public service loan forgiveness? good news, you’re not in danger fr


(istock)the education department said tuesday that the hundreds of thousands of doctors, lawyers, teachers and social workers on track for a form of student loan forgiveness will not be affected by president trump’s proposal to get rid of the benefit. [trump’s first full education budget: deep cuts to public school programs in pursuit of school choice] the 2018 white house budget calls for the elimination of public service loan forgiveness, a program that wipes away federal student debt for people in the public sector after they have made 120 qualifying monthly payments, or 10 years’ worth of payments. the spending plan makes no mention of what will happen to the 552,931 people the education department said are on their way to receiving forgiveness, raising alarm among anticipating r...






on track for public service loan forgiveness? good news, you’re not in danger fr


(istock)the education department said tuesday that the hundreds of thousands of doctors, lawyers, teachers and social workers on track for a form of student loan forgiveness will not be affected by president trump’s proposal to get rid of the benefit. [trump’s first full education budget: deep cuts to public school programs in pursuit of school choice] the 2018 white house budget calls for the elimination of public service loan forgiveness, a program that wipes away federal student debt for people in the public sector after they have made 120 qualifying monthly payments, or 10 years’ worth of payments. the spending plan makes no mention of what will happen to the 552,931 people the education department said are on their way to receiving forgiveness, raising alarm among anticipating r...






college left me in debt. here’s how i’m making sure my son can get a degree — wi


the cost of a four-year degree from a public university will hover at $205,000 by 2030, according to the u.s. department of education. (istock)i graduated from college in 2006 with $89,000 in student-loan debt. with no family help, i relied on a blend of federal and private loans to earn the journalism degree i desperately wanted. in those days, education debt was characterized as a casual nuisance. like many of my peers, i signed on the dotted line without fully understanding the terms. the debt that followed consumed my thoughts and, for a long time, nearly half my income. i knew i wanted to have a family someday but wasn’t sure i would ever be able to afford children.i’m far from alone: the average student loan borrower carries $46,597 in debt, according to a nerdwallet survey. a se...






student loan collector pledges not to charge high fees permitted by education de


president trump listens as education secretary betsy devos speaks during a meeting with parents and teachers on feb. 14 at the white house. (evan vucci/ap)despite receiving approval from the trump administration, great lakes higher education corp. said tuesday that its guarantee agency, united student aid funds, will not charge people with past-due student loans high collection fees if they agree to make good on the debt.united student aid funds (usa funds) has been locked in a two-year legal battle with the education department over collection fees tied to the old bank-based federal family education loan (ffel) program. the obama administration forbade student debt collectors from charging fees equal to 16 percent of the total balance if a borrower entered the government’s loan reh...






got a student loan? don’t be an easy target for scammers.


if you’re in the market to buy a home, you might hear a real estate professional say it’s all about “location, location, location.”those in the business of deceit also look for the best location — but not necessarily a physical place. for scammers, it’s all about where they’ll get the most money victimizing people. and one of the hottest places to be right now involves student loans, which are at an all-time high of $1.4 trillion.lots of folks are struggling to handle education debt. even those who are managing their loan payments want out — and fast.last week, the consumer financial protection bureau released its annual student loan ombudsman report. the consumer watchdog agency said it has handled 20,600 federal and private student loan complaints from september 2016 thro...






would students trade retirement benefits for student debt relief?


one congressman wants to forgive student debt for those who agree to postpone their retirement        






making a dent in student debt with ‘freshman year for free’


amy e. nielsen, a washington state university professor, connects with her modern states students through lectures, presentation slides and writing on a high-tech light board. (courtesy of modern states education alliance)there are two words that can rock people with regret.just ask them about their “student loans.” then watch their faces. they will wince as they disclose how much education debt they’re carrying.politicians have been promising to fix the growing loan crisis for years, but outstanding student debt has now mushroomed to $1.4 trillion. meanwhile, a college degree has become out of reach for so many — unless they’re willing to go deep into debt.but steve klinsky, founder and chief executive of the private equity firm new mountain capital, has invested his own money i...






how states could end the student-debt collections trap


(istock)the biggest problem with student loan debt in america is that there’s simply too much of it: $1.3 trillion, at last count, a number growing by $100 billion a year. to put it another way: take all of the economic damage caused by hurricane harvey, and that’s roughly how much the student debt burden is growing every year.wherever you find a debt of that magnitude, especially if it’s concentrated among younger individuals who are just getting started in their careers, you’re going to find a lot of defaults. almost five million americans are now behind on their student loans. that number has more than trebled in just the past 10 years, and its growth is showing no sign of slowing down.crowd-pleasing policy proposals in higher education will, as a rule, do nothing for these mil...






student loan company accused of mismanaging debt forgiveness plan


one of the country’s largest servicers of federal student loans has badly mismanaged debt forgiveness programs for public service workers, significantly raising repayment costs for hundreds of thousands of borrowers, according to a lawsuit filed on wednesday by the attorney general of massachusetts.the loan servicer, the pennsylvania higher education assistance agency, which operates under the name fedloan, has made copious errors, potentially miring many students in debt far longer than they expected, according to maura healey, the massachusetts attorney general.“this company’s actions have jeopardized the financial futures of teachers and public servants across the country,” healey said.the pennsylvania company holds an exclusive contract with the education department to service ...






multivariable calculus - what does mean to multiply differentials?


firstly, the role of change of variables in integrals such as the general double integral you wrote above introduces new variables in terms of old variables.explicitly this means that we are transforming from $(x,y)$ to $(u,v)$ coordinates, and the transformation is given as 'old in terms of new' variables. that is: $$x = x(u, v),\, \quad y = y(u, v)$$thus, if one has an initial $f=f(x, y)$ then we now seek $f(u, v)=f(u(x, y),v(x, y))$using the chain rule, one obtains \begin{align} \frac{\partial f}{\partial u} &= \frac{\partial f}{\partial x}\frac{\partial x}{\partial u} + \frac{\partial f}{\partial y}\frac{\partial y}{\partial u} \tag{1}\\ \frac{\partial f}{\partial v} &= \frac{\partial f}{\partial x}\frac{\partial x}{\partial v} + \frac{\par...






the price of everything | huffpost uk


'education is not preparation for life; education is life itself,' john dewey famously said. there are so many famous soundbites about education - to paraphrase einstein, quotations about education are what remains after one has forgotten what one googled. and yet a few dark clouds loom over education this summer, with two news stories in particular darkening its shining idealism.the institute for fiscal studies has shown that as many as three-quarters of uk graduates may never fully repay their student loans, with many still trying to repay student debt in their fifties. since maintenance grants were replaced with loans in 2012, debt levels rose considerably to some of the highest in the developed world.the second news story is the announcement that teachers in england and wales would h..






devos calls for another delay of rule to protect students from predatory college


secretary of education betsy devos wants a second delay of a regulation known as borrower defense to repayment, a rule that wipes away the federal student loans of borrowers defrauded by their colleges. (katye martens brier for the washington post)education secretary betsy devos is proposing another delay of an obama-era overhaul of rules to erase the federal student debt of borrowers defrauded by colleges. [trump changes higher ed with rollback of obama-era consumer protections] in a federal register notice published tuesday, the u.s. department of education invited public comment on a plan that would give the agency until july 1, 2019, to implement updates to a regulation known as borrower defense to repayment. the rule, which dates to the 1990s, wipes away federal loans for students who






in a disturbing first, young americans are less optimistic than their parents


consumer sentiment may have reached the highest level since 2004, but millennials are now less optimistic than baby boomers.that’s the first time americans younger than 35 say they actually have less consumer confidence than those aged 55 and over, according to data from the university of michigan, haver analytics and deutsche bank global research. this hasn’t happened in the last six decades that the consumer sentiment of these two generations has been compared.millennials shoulder more student loan debt than any other generation and face house prices that are far higher than their parents did at their age. student loan debt has reached $1.4 trillion as the cost of college has soared. and spending no more than 30 percent of their income on rent or a mortgage, a golden rule for decades...






gov. cuomo plans to help new yorkers with student loan debt


albany — gov. cuomo on friday unveiled set of measures intended to aid new yorkers struggling with “exploding” student loan debt. the proposals, which will be part of cuomo’s state of the state address next week, include new financial disclosure requirements for colleges and universities, and new consumer protection standards for the loan industry. cuomo also plans to create a student loan ombudsman within his administration to help resolve complaints and enact new regulations that prohibit state agencies from suspending any professional license because the holder is behind on student loan payments. “with this proposal, we build on the success of the excelsior scholarship and lay out a concrete roadmap to alleviate the burden of student debt in new york and equip...






gov. cuomo plans to help new yorkers with student loan debt


albany — gov. cuomo on friday unveiled set of measures intended to aid new yorkers struggling with “exploding” student loan debt. the proposals, which will be part of cuomo’s state of the state address next week, include new financial disclosure requirements for colleges and universities, and new consumer protection standards for the loan industry. cuomo also plans to create a student loan ombudsman within his administration to help resolve complaints and enact new regulations that prohibit state agencies from suspending any professional license because the holder is behind on student loan payments. “with this proposal, we build on the success of the excelsior scholarship and lay out a concrete roadmap to alleviate the burden of student debt in new york and equip...






social security benefits take a hit over student loan debts: suit


the feds are ripping off disabled social security recipients by skimming their benefits in order to pay back defaulted student loans — but not saying enough on what people can do to avoid it, a lawsuit alleges. “instead of focusing on getting disabled borrowers the relief they are entitled to under federal law,” the suit says, the department of education uses debt collection methods like the social security disability benefit offset “to collect money from disabled borrowers.” to fix the situation, seven new yorkers are suing the federal government to recoup those offsets they say were unlawfully withheld — totaling about $20,000. the plaintiffs say their benefits are getting trimmed by loan debt that could be forgiven “if the defendants simply told them about...






social security benefits take a hit over student loan debts: suit


the feds are ripping off disabled social security recipients by skimming their benefits in order to pay back defaulted student loans — but not saying enough on what people can do to avoid it, a lawsuit alleges. “instead of focusing on getting disabled borrowers the relief they are entitled to under federal law,” the suit says, the department of education uses debt collection methods like the social security disability benefit offset “to collect money from disabled borrowers.” to fix the situation, seven new yorkers are suing the federal government to recoup those offsets they say were unlawfully withheld — totaling about $20,000. the plaintiffs say their benefits are getting trimmed by loan debt that could be forgiven “if the defendants simply told them about...






trump administration welcomes back student debt collectors fired by obama


(istock)a pair of private collection agencies fired by the obama administration have accepted the education department’s offer of new contracts to recoup past-due student loans, but the agreements are in limbo as the government wades through a messy court battle. [education department cuts ties with five of its debt collectors] enterprise recovery systems and pioneer credit recovery were among five companies whose contracts the government cancelled in 2015 after an audit showed them giving inaccurate information to people trying to get their student loans out of default. the companies said the evaluation was arbitrary and flawed for drawing conclusions based on excerpts from a handful of calls, and four of them took legal action against the department.to put an end to the litigatio...






students defrauded by for-profits may not get full relief


photo: jacquelyn martin, stf image 1of/3captioncloseimage 1 of 3file - in this sept. 7, 2017, file photo, education secretary betsy devos speaks at george mason university arlington, va., campus. the education department is abandoning the obama administration's practice of fully wiping out the student loans of those who had been defrauded by for-profit colleges and will start granting some students only partial loan relief. (ap photo/jacquelyn martin, file) lessfile - in this sept. 7, 2017, file photo, education secretary betsy devos speaks at george mason university arlington, va., campus. the education department is abandoning the obama administration's practice ... more photo: jacquelyn martin, stf image 2 of 3president donald trump prays during a cabinet meeting at the white ...






house gop higher ed bill could limit d.c.’s oversight of student loan companies


the house republican higher education bill could undermine the d.c. government’s efforts to protect federal student loan borrowers. (j. scott applewhite/ap)the d.c. government’s efforts to protect residents from abusive practices in the student loan market could be undermined by the house republican higher education bill. [house gop higher ed bill moves ahead, despite cries to slow down] the district requires student loan servicing companies, the middlemen who collect education debt payments, to obtain a license to operate within its borders. but the promoting real opportunity, success and prosperity through education reform act would exempt servicers working on behalf of the u.s. education department — which holds the vast majority of student loans — from having to comp...






student loan defaults may get pricier


student loan paperwork(photo: jupiterimages, getty images) 45 connect 7 linkedinemailmorecollege grads and others who are unable to make payments on certain student loans could find it even tougher to dig out of debt now that it's possible to be hit with double-digit collection fees.the fees — which could be as high as 16%  — started creating buzz in mid-march after a policy revision was issued by the u.s. department of education. it's yet another reminder of why borrowers should do all that's possible to avoid defaulting on student loans.ever since july 2015, agencies that collect on defaulted debt were forbidden by the obama administration from tacking on a hefty fee if students began repaying within 60 days of a default. those who defaulted...






trump administration streamlining student debt forgiveness for permanently disab


(charles dharapak/ap)the trump administration announced plans monday to make it easier for permanently disabled military veterans to have their federal student debt wiped away.people with severe disabilities are eligible by law to have the government discharge their federal student loans, but the benefit has not been widely publicized. working with the department of veterans affairs, the u.s. department of education will begin identifying eligible veterans who will receive an application for loan forgiveness. disabled veterans must sign and return the application to complete the process.“our nation’s veterans have sacrificed much for our country. it is important that, in return, we do all we can to give them the support and care they deserve,” education secretary betsy devos said...






trump changes higher ed with rollback of obama-era consumer protections


step by step, the trump administration is walking back policies and rules in higher education that its predecessor said were needed to protect students who rely on federal funding to pursue a degree.supporters say the education department under president trump is restoring balance after overreach during the obama administration led to punitive regulations and aggressive policing that threatened the stability of schools and student loan companies. but consumer advocates say they fear trump is unraveling years of work to ensure borrowers are placed ahead of profits.through the first half of the year, the department led by education secretary betsy devos has withdrawn, delayed or announced plans to revamp more than a half dozen obama-era measures involving federal student aid. “the u.s. dep..