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Rep. Velázquez Urges DeVos To Reverse Student Loan Proposal

U.S Representative Nydia M. Velázquez D-N.Y sent a letter to U.S. Secretary of the Department of Education Betsy DeVos this week urging her to reverse a proposal that would make it more difficult for students deceived by colleges and universities to receive loan relief.

Velázquez wrote in the letter that in the state of New York, there are 2,865 “outstanding applications” for student loan relief from students who were taken advantage of by higher ed institutions.

The notice of proposed rulemaking (NRPM) issued on July 31, 2018, would replace the borrower defense rules created under the Obama administration. Under the proposal, if it were to become legislation, students would be eligible for loan forgiveness if they can prove their institution negligently misled them “with statements or actions that directly led them to take out loans or enroll” at the university or college.

“As has been proven, predatory lenders, including many for-profit colleges, scam students into amassing heavy levels of debt, often leaving them without a credible degree to show for it,” said Velázquez. “By issuing this rule to make it harder for defrauded students to secure loan relief, Secretary DeVos’ Education Department is once again working to serve the interests of corporate lenders at the expense of hard working families. I strongly urge the Secretary to reverse course and start working on behalf of young Americans who deserve a path to loan relief,” she added.

To read the full letter, click here.

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