Rule Provides Opening For Student Loan Debt Counseling

Law360, New York (April 2, 2014, 6:41 PM EDT) -- New regulations that will impose severe requirements on for-profit colleges and career-training programs may open the door to an increased need for independent third-party student loan debt counseling. On March 14, 2014, the Obama administration released its gainful employment rule that would establish student-loan default thresholds that, if exceeded, could lead to schools losing access to student financial assistance programs authorized under Title IV of the Higher Education Act of 1965.

Violations of New Rule Would Restrict School Access to Financial Aid

The 841-page rule uses student-loan default rates to determine whether a program's students are burdened with unpaid debt. Programs...

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