Author: SLR Editor

Illinois Senate to Vote on Overriding Governor Veto of Student Loan Bill of Rights

Seen above is Sen. Tom Cullerton at an unrelated event.Last week, Democrat Tom Cullerton joined the Illinois Senate to vote for overriding the governor’s veto of Senate Bill 1351.Senate Bill 1351 was approved by both the House and the Senate last summer before being vetoed by Governor Bruce Rauner in August. Now it remains to be seen if the House will vote to override the governor’s veto when returning to session in November.The bill aims to create a Student Loan Bill of Rights of sorts. It offers more protections for borrowers and their families from allegedly faulty practices by...

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Defrauded For-Profit College Students May Only Get Partial Student Loan Forgiveness

Sec. Betsy DeVos is pictured speaking at the Conservative Political Action Conference in Maryland this year.According to an unnamed department official, Secretary of Education Betsy DeVos is planning to settle the student loan forgiveness policy regarding students who claim to have been defrauded by for-profit colleges.DeVos’ plan would base student loan forgiveness on the average income of graduates that were in similar school programs. The main takeaway from this is that many students could only receive partial loan forgiveness, depending on an industry salary average.This may come as a surprise to many students given that the Obama Administration implemented...

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K-12 Bentley School Offers Student Loan Repayment Benefit to Faculty

In a recent article, Gradifi announced that it had been chosen by Bentley School to offer monthly student loan contributions to its faculty members.The school will implement the Student Loan Paydown (SLP) Plan, which allows employers to make monthly contributions toward their employees’ student loan debt. Staff members will also have the option to refinance their student loans at a lower rate.According to Gradifi’s CEO Tim DeMello, this is significant because it shows that “Bentley also understands that offering student loan relief is one of the best ways to compete effectively for educators, particularly given the acute shortage of...

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SoFi Closes the Biggest Loan Securitization Yet

SoFi made it into the news yet again. The leading player in the U.S. student loan refinancing market announced earlier this month its most substantial asset-backed securitization since its inception.In its 10th ABS transaction this year, the company closed a $777 million offering for SoFi Professional Loan Program 2017-E notes. The move raises its total issuance for just this year to over $5 billion, amounting to over $12 billion throughout company history.Deutsche Bank, Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley were the joint managers of the deal. Following the closing, SoFi remains a top ABS sponsor.Ashish...

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Multiple State AG Appeal to Betsy DeVos Over Student Loan Regulations

Betsy DeVos speaking at the CPAC.A group of 25 state attorneys general sent a letter to Betsy DeVos, the Secretary of Education, urging her not to intervene in their issues involving student loan companies according to the Consumerist. During the past couple of years, many states - including Maine, New York, Illinois, California, and others - have tried regulating student loan servicers operating within state boundaries.Recently, the National Council of Higher Education Resources (NCHER), a trade association representing the interests of these companies, initiated another letter to DeVos asking her to issue a guidance stating clearly that student loan...

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