Law360, New York ( July 13, 2015, 4:40 PM EDT) -- Federal lawmakers and regulatory agencies are considering wide-ranging reforms to the standards and procedures that govern the cancellation of student loan debt on the basis of alleged fraud by a lender or educational institution. This issue has enormous economic significance. Total outstanding student loan debt now exceeds $1 trillion dollars, making student loan debt the second-largest category of consumer debt behind home mortgages.[1] The U.S. Department of Education predicts that, in terms of dollar value, an estimated 22.17 percent of Stafford loans made in 2015 will default.[2]...
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