loan forgiveness

California Releases Revised Student Loan Servicer Regulations

By Brian Slagle on June 15, 2018

Posted in Regulatory and Enforcement, Student Loans

The California Department of Business Oversight (DBO) has published modifications to its proposed regulations under the State’s Student Loan Servicing Act. As previously covered, the DBO published notice of its initial proposed rules on September 8, 2017. A blackline of the changes is available here.

The initial regulations mandated extensive customer service obligations. … Continue Reading

State AGs seek injunction against Dept. of Education postponement of the Borrower Defense Rule; DeVos continues “regulatory reset” with delay of Gainful Employment Rule and campus financial products disclosure regulations

By Brian Slagle on July 19, 2017

Posted in Regulatory and Enforcement, Student Loans

Eighteen states and the District of Columbia have filed suit against Secretary of Education Betsy DeVos seeking an injunction of the Department of Education’s indefinite postponement of the Obama Administration’s Borrower Defense Rule. While generally providing for loan forgiveness for borrowers deceived by postsecondary institutions, the Borrower Defense Rule also created a joint state-federal enforcement scheme by providing that any judgment obtained by a government agency against a postsecondary institution under state law would give rise to a borrower defense to loan repayment.… Continue Reading