This Week In Washington
Congress is on recess this week.
POLITICO Pro released a helpful timeline that details the delays and implementation of the Borrower Defense to Repayment (DTR) regulations. These regulations govern the ability of borrowers to receive a loan discharge if their school is found to have defrauded them. Recall, the U.S. Department of Education (ED) has not been processing DTR claims for months, tried to unilaterally change the forgiveness amounts, and slow-walked the claims it did process, until a judge finally forced ED to implement the Obama-era DTR regulations. We expect new DTR regulations to be published soon.
News You Can Use
The National Association for Law Placement released its 2019 Associate Salary Survey report, which shows that the overall median first-year salary as of January 1, 2019, was $155,000—up nearly 15 percent from 2017, when the most recent previous survey was released.
The following bill(s) have been recently introduced for consideration by the 116th Congress (2019-2020):
H.R. 2888 – Stop Student Debt Relief Scams Act of 2019 [Rep. Haley Stevens (D-MI-11) and Rep. Lloyd Smucker (R-PA-11)] would enhance the ability of ED and law enforcement to identify and shut down student debt relief companies that commit fraud and seek financial gain at the expense of federal student loan borrowers. The bill would also require exit counseling to inform borrowers of these scams. H.R. 2888 is the House companion bill to S. 1153, which was previously introduced by Sen. Tammy Baldwin (D-WI).
H.R. 2974 – Youth Financial Learning Act of 2019 [Rep. Matt Cartwright (D-PA-8) et al.] would create competitive grants to help states implement, expand or sustain school-based financial literacy programs for students—particularly programs that focus on personal credit and student loan management.
H.R. 3026 – College Data Access Act [Rep. Lori Trahan (D-MA-3)] would codify the College Scorecard and mandate publicly-funded institutions of higher education to link to the Scorecard on their website homepage. The bill would also require ED to annually update the Scorecard.
H.R. 3027 – [Rep. Frederica Wilson (D-FL-24)] would establish student loan borrowers' rights to consumer protections, reasonable and flexible repayment options, access to earned credentials, and loan cancellation in exchange for public service.