Loan programs

After online petition, bank forgives dead student's loans

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KeyBank, an outlier in the lending industry, for years required the co-signing parent of one dead student to make payments on $50,000 of debt. The bank acquiesced after an online petition went viral.

Education Department Admits Flawed Data in Gainful Employment Analysis

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The Department of Education admits failing to include black students in its calculation of loan repayment rates in run-up to gainful employment. The mistake will fuel for-profit claims of unfair treatment by feds.

Budget compromise would preserve maximum Pell grant, NIH funding

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A budget compromise would slightly increase funding for the National Institutes of Health and change eligibility for the largest federal grant program for college students.

Federal judge sides with Education Department in firing of debt collectors

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Judge dismisses lawsuit stemming from U.S. Department of Education's firing of several debt collectors over allegations they misled struggling borrowers.

Federal audit faults Education Department for lack of plan to prevent student loan defaults

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A federal audit of the U.S. Department of Education’s student loan programs concludes that the agency is without a “comprehensive plan or strategy to prevent student loan defaults.”

New roles for guarantee agencies in era of direct federal lending

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Guarantee agencies branch out as private-lending pool dries up. Most stick to college completion and financial advising, but one produces a film while another buys 56 campuses from a for-profit.

 

Two Democrats criticize Obama administration for helping colleges avoid default rate penalties

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The top Democrats on the U.S. Senate and House education committees hit the Obama administration over decision to lower some colleges' default rates, allowing them to avoid sanctions.

U.S. eases requirements for Parent PLUS loans

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Parents and students with damaged credit histories will have an easier time getting the loans under new regulations. Education Department will publish institution-level PLUS loan default rates. 

Families' student loan debt grows, but rate of increase slows

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Federal report shows families' student loan burden grows while other forms of debt decline, but suggests a slight slowing of the rate of increase in families' college-related debt.

Education Department renegotiates contracts with student loan servicers

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Facing criticism that it doesn't properly oversee the companies managing student loan payments, the Education Department revamps its contracts.

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