Trump administration to revise two student loan rules

The Trump administration Wednesday said it plans to revise two Department of Education regulations aimed at helping borrowers who say they were misled by for-profit colleges.

The decision announced by Secretary of Education Betsy DeVos could undo a pair of Obama administration regulations designed to protect students who attended career-preparation programs at for-profit colleges and either failed to earn projected incomes or claimed they were misled or defrauded by the schools.

One of the rules, known as the Borrower to Defense Repayment regulation, was scheduled to take effect next month. The other, called the Gainful Employment regulation, is already on the books.

The Obama administration billed the borrower defense rule as a simpler process for handling claims by consumers who say they were defrauded by for-profit schools and seek to have the federal government forgive their student loans. The gainful employment rule would put college programs at risk of losing federal student aid if graduates don't earn enough to support themselves and repay their education loans.

https://www.msn.com/en-us/news/us/trump-administration-to-revise-two-student-loan-rules/ar-BBCGgXf?li=BBnb7Kz&ocid=edgsp