Take Action by Aug. 10 to Improve REPAYE! | Other News

REMINDER: Take Action by Aug. 10 to Make Income-Driven Repayment Better!

We recently asked you to weigh in on the proposed new repayment plan for federal student loans: Revised Pay As You Earn (REPAYE). While better than existing plans in some key ways, REPAYE still needs improvement. A big thanks to the more than 1,000 of you who already took action!  And if you haven't yet, NOW is the time to make your voice heard - the deadline is in less than 2 weeks.

The U.S. Department of Education is only accepting feedback on REPAYE until Monday, August 10, so click here to tell the Department 20 years of payments is long enough!
 

Gainful Employment Rule Now in Effect

Despite five years of fierce opposition from the for-profit college industry, the federal gainful employment (GE) rule went into effect on July 1! Its purpose: to end federal funding for career education programs that consistently leave students with debt they can't repay. TICAS has helped lead the coalition of more than 50 organizations -advocates for students, veterans, civil rights, consumers, and college access -- that's fought for this common-sense regulation, which applies to programs at all types of schools.  Thousands of you weighed in with policymakers when it mattered most, and your voices made a difference!

The for-profit college industry has tried everything to stop GE, and it's still trying. When it sued the Education Department yet again, our coalition filed amicus briefs supporting GE, and federal judges upheld the whole current rule. Still, the industry plans to appeal while continuing to lobby for legislation to block GE in the House and Senate. Fortunately the Administration is firmly committed to GE: Education Secretary Duncan recently called it "the Administration's signature effort to protect students and taxpayers."  Even though the rule isn't as strong as we'd have liked, it's stronger than the 2011 GE rule and has already prompted some schools to improve programs, lower prices, provide more career assistance, and/or eliminate bad programs.
 

Standing Up for Ripped-Off Students at Corinthian Colleges and Other Schools

TICAS has been actively seeking justice for students who were fraudulently lured into schools owned by Corinthian or other predatory colleges. When a debt collector with no experience running a college sought to buy more than 50 former Corinthian campuses, we and our coalition partners advocated for more relief and stronger protections for students. As a result of our efforts and those of the Consumer Financial Protection Bureau and state attorneys general, the final terms of the sale provide $480 million in private loan debt relief for Corinthian students and apply the gainful employment rule to all the schools' programs, as well as other wins. We also keep pushing for federal loan discharges for Corinthian students, and the Education Department has started taking steps towards helping federal loan borrowers who got ripped off by their school. We continue to monitor the situation to make sure students actually get the debt relief they're entitled to under law, and to push for more changes to better protect students and taxpayers.
Income-Based Repayment and Pay As You Earn are two ways to help keep monthly payments affordable based on your income and family size. Visit the Department of Education’s Repayment Estimator to find out what your payments might be.
 

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