Public Service Loan Forgiveness Report
The Consumer Financial Protection Bureau (CFPB) issued a report highlighting student loan servicers mishandling Public Service Loan Forgiveness. Some complaints include delayed or denied access to loan forgiveness through misinformation and flawed payment processing. CFPB also launched a “Certify Your Service” campaign to help public servants stay on track to loan forgiveness.
For more information about action by CFPB and to read a copy of the report please visit:
Hawaii Joins Other States Demanding Prompt Loan Discharges
Hawaii Attorney General Doug Chin and Office of Consumer Protection Executive Director Steve Levins joined 18 other state attorneys general in demanding that the U.S. Department of Education end long delays in its program to cancel federal student loans for thousands of students in Hawaii victimized by predatory for-profit colleges.
In a letter sent to U.S. Secretary of Education Betsy DeVos on June 5, 2017, the states urged the U.S. Department of Education to timely finalize the discharge of loans where forgiveness has already been approved.
To read the press release and a copy of the letter go to:
DeVry Refund Update
The FTC plans to mail checks before the end of the summer to people who:
•enrolled for the first time in a bachelor’s or associate’s degree program at DeVry University between January 1, 2008 and October 1, 2015;
•paid at least $5,000 with cash, loans or military benefits;
•did not get debt or loan forgiveness as part of this settlement; and
•completed at least one class credit.
If a student moved since attending DeVry, the student should update their address with the FTC refund administrator at 844-578-2645.
For more information read the full update at https://www.consumer.ftc.gov/blog/devry-refund-update
U.S. Promises to Make Good on Loan Forgiveness
Education Secretary Betsy DeVos finally responded, without detail, to Democratic lawmakers who sought answers on status of promised student loan discharge claims for defrauded borrowers. Ms. DeVos told lawmakers on May 24, 2017, that her department will follow through on promises to provide loan forgiveness to borrowers who attended for-profit colleges found to have defrauded students.
Read more in an article posted here:
Notice of Public Hearing on Proposed Rules
The Hawaii Post Secondary Education Authorization Program (HPEAP) published a notice of public hearing for April 20, 2017 in the Honolulu Star-Advertiser on March 17, 2017.
The hearing is to allow testimony for HPEAP’s proposed rules.
A copy of the proposed rules are available for review here: http://cca.hawaii.gov/hpeap/files/2016/04/Draft-Rules-for-Chapter-255-Title-16.pdf
The hearing will be held on April 20, 2017 from 9:30 a.m. at the King Kalakaua Conference Room in the King Kalakaua Building on 335 Merchant Street in Honolulu.
A full copy of the notice of public hearing is available here: https://cca.hawaii.gov/hpeap/files/2017/03/HPEAP-Notice-of-Public-Hearing-for-Rules.pdf
CFPB Suing Student Loan Servicer Navient
The Consumer Financial Protection Bureau (CFPB) is suing Navient, the nation’s biggest servicer of federal and private student loans, alleging that “Too many borrowers paid more for their loans because Navient illegally cheated them…”
Below are a couple of links for more information on the lawsuit and what actions students may take.
DeVry University Agrees to $100 mil. Settlement that Includes Refunds and Debt Forgiveness
Under the settlement of a Federal Trade Commission (FTC) lawsuit alleging misleading ads touting high employment success rates and income for graduates, DeVry University will pay $49.4 million to qualifying students and $50.6 million in debt relief.
For more information please visit https://www.ftc.gov/devry