Summary: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to “Borrower Defense Institutional Accountability”. (Cosponsors Partisan)
ANGIE CRAIG’S POSITION: Representative Craig Cosponsored the bill on 10/21/19.
STATUS: Introduced 9/26/19 by Rep. Lee, Susie [D-NV-3].
INFORMATION RELATED TO THE BILL:
“Student loan borrowers deserve financial protection when they are defrauded or cheated by their schools—it’s as simple as that,” said Rep. Lee. “The original 2016 Borrower Defense Rule was a commonsense policy meant to level the playing field between students and the predatory colleges taking advantage of them. But Secretary DeVos’s new rule makes the process of applying for and granting borrower defense forgiveness unnecessarily difficult and burdensome for the students who we are supposed to be protecting. The original Borrower Defense Rule was projected to secure $17 billion in relief for defrauded students by 2020. According to the Department of Education’s own estimates, the new DeVos rule is expected to garner only a fraction of that. Our bicameral bill overturns this harmful new rule and maintains the original, pro-student Borrower Defense Rule. Instead of easing regulations and oversight on predatory for-profit schools, we need to stand up for students and open up quality, affordable opportunities in education for everyone.” (Source: Rep. Lee, Press Release, 9/26/19)