Class-action settlement provides $7.5 billion in student loan relief
Source: Yahoo Money
The Education Secretary on Thursday announced a settlement of claims that would give roughly 264,000 student loan borrowers approximately $7.5 billion in debt relief.
The settlement resolves a class-action lawsuit filed by lead plaintiff, Theresa Sweet, against Betsy DeVos, the U.S. Secretary of Education under the Trump administration, after the education department sidestepped Obama-era regulations and systematically denied relief claims in form denials.
It could also provide a path forward for students who are saddled with college debt because of predatory lending practices.
"This momentous proposed settlement will deliver answers and certainty to borrowers who have fought long and hard for a fair resolution of their borrower defense claims after being cheated by their schools and ignored or even rejected by their government,” Eileen Connor, director of the Project on Predatory Student Lending, said in a statement. “It will not only help secure billions of dollars in debt cancellation for defrauded students, but charts a borrower defense process that is fair, just, and efficient for future borrowers.”
Read more: https://money.yahoo.com/class-action-settlement-student-loan-relief-205650590.html
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