Home News DeVos to Rewrite Overhaul of Obama Loan Rule

DeVos to Rewrite Overhaul of Obama Loan Rule

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The Education Department will rewrite its overhaul of a 2016 student loan rule, officials said last week. And the new proposal will likely drop the most restrictive provisions of an earlier attempt to replace the regulations.

Education Secretary Betsy DeVos has sought for nearly two years to revamp the borrower-defense rule, which outlines how borrowers who were defrauded or misled by their college can seek loan forgiveness. The Obama administration issued the rule after a flood of debt-relief claims from students who attended defunct for-profit colleges. A proposal from the department last summer suggested allowing borrowers to seek relief only if they’d defaulted on their loans and would have restricted loan forgiveness for borrowers whose institution abruptly closed.

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