Having stood up and promoted the whistleblower program at the CFPB, it appears that Richard Cordray may now be taking similar steps at Federal Student Aid (“FSA”). On November 10, the Department of Education (“ED”) and FSA issued a bulletin inviting whistleblowers to provide information about potential violations of the Higher Education Act (“HEA”) and its implementing regulations. … Continue Reading
The CFPB has created a student loan infographic to highlight the state of student loans in the pandemic. Among the statistics included in the infographic is that, based on Department of Education data current as of September 2020, 87% of federal student loan borrowers had their federal student loans in administrative forbearance.… Continue Reading
Today, U.S. Secretary of Education Betsy DeVos announced that the office of Federal Student Aid is executing on President Trump’s promise to provide student loan relief during the COVID-19 pandemic through several initiatives:
- All borrowers with federally held student loans will automatically have their interest rates set to 0% for a period of at least 60 days.