In a major shift, the federal government will also be able to force colleges to cover the cost when their students are granted loan cancellation because of fraud. Those costs have typically been passed to taxpayers, prompting complaints from conservative critics who say the program too freely cancels debt at the public’s expense.
"The department has cut corners in a rush to ram through a punitive borrower defense rule with serious legal and regulatory flaws that could undermine the American education system," said Jason Altmire, a former Democratic congressman and president and CEO of Career Education Colleges and Universities.
The new rule erases the 15-day rule, allowing payments to count even if they are made late or in multiple installments. It also allows borrowers to make up to a year of payments in advance in a single sum, rather than making monthly payments.
How bout don’t take a loan you don’t plan to follow through with?!
What a sham.
Does not address the issue of colleges price gouging students. This is the equivalent of Republicans giving out money to help people pay for the cost of gas.
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