Project on Predatory Student Lending response to borrower defense rules published 8/30/19

DeVos issued new borrower defense rules today. Our allies are going to fight with us to challenge these rules.

"BOSTON, MA – The Project on Predatory Student Lending vowed to challenge new borrower defense regulations filed today by U.S. Education Secretary Betsy DeVos that gut fair, basic, and needed protections for hundreds of thousands of student borrowers across the country, including many who were defrauded by for-profit colleges.

The new rule reverses basic borrower defense protections that were finally put into place when the 2016 borrower defense rule was implemented in October 2018, including the elimination of forced arbitration clauses in student contracts at for-profit colleges, providing for a group borrower defense process, and ensuring automatic loan discharges for students at schools that abruptly closed. The new rule imposes impossible burdens on defrauded borrowers, including a three-year statute of limitations, documentation of a litany of evidence, including proof of financial harm beyond that of the federal loan itself.

The Project announced that it now will be forced to sue to block this new rule from going into effect. It will be drafting the legal challenge in the coming days and further details will be provided at the time of the legal filing."

Devos disappointed me with this, but realistically it was expected. This is the most likely reason why she has been stalling. I’ve read her background she is allegedly a super devout christian and yet if she reads the christian bible she would know of the debt jubilee and would at least consider it for closed for-profit schools victims. She better thread carefully because with the inverted yields, china/US tariff trade wars, looming global recession, and all out collapse it is only a matter of time when civility will go way of the dodo bird. Even if trump gets voted out i don’t see things improving at all, the entire world is built on a fraudulent, scheming economy.