Home Career The United States agrees to settle 200,000 claims to protect borrowers

The United States agrees to settle 200,000 claims to protect borrowers

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The Department of Education on Wednesday agreed to settle about 200,000 borrower protection claims sued the department.

The agreement automatically provides for the elimination of debts on student loans. The agreement states that “attendance at one of these schools justifies the alleged relief for the purpose of this settlement, based on clear indications of substantial violations by the listed schools, regardless of whether they are truthfully presumed or in some cases proven, and high class members. submitting applications relating to the listed schools ”. Institutions are commercial colleges and universities, many of which have closed.

Education Minister Miguel Cardona made the following statement regarding the proposed settlement, which has yet to be approved by a federal judge. “From day one, the Biden-Harris administration has been working to address long-standing issues related to the borrower’s protection process. We are pleased to have worked with the plaintiffs to reach an agreement that will provide billions of dollars in automatic assistance to approximately 200,000 borrowers and that we believe will allow us to resolve the plaintiffs ’claims fairly and equitably for all parties,” Cardona said.

But colleges and universities of vocational education, representing commercial colleges and universities, oppose the agreement.

“We are deeply concerned that, in its haste to respond to external political pressure, the U.S. Department of Education is trying to approve a wide range of claims without regard to individual merit,” said CECU President and CEO Jason Altmeier. “The department is required to take a more balanced approach to determine whether each student has been harmed by wrongdoing. The court must look closely at the amicable settlement to make sure it is fair to all parties involved. ”

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