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There's a Program to Cancel Some Private US Student Loans. Most Don't Know About It.
The New York Times reports on a program to forgive U.S. student loans from private lenders — a kind of private parallel to a federal program which "allows those who were seriously misled by their schools to have their federal student loans eliminated." The problem? Eight U.S. senators compl...
For nearly a decade, in the early 2000s, Navient — then known as Sallie Mae — struck deals with for-profit schools to issue private loans to their students. But a pressure campaign from lawmakers, federal regulators and lawyers representing borrowers prompted the company to create the "school misconduct discharge." The document lists dozens of types of impropriety by schools — such as inflating job placement rates and graduates' earnings, or misrepresenting their educational programs — and asks borrowers to choose which apply to their experience.
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