(Source: Cooley LLP) 05/16/2016 This memo discusses the new federal standards for students to have their federal loans forgiven under the Final Draft of the BDTR Rule. Future Cooley memos will discuss the BDTR process for both students and institutions, the proposed financial responsibility and letter of credit triggers, and the other forms of loan discharge that were addressed during the recent negotiations. While the Negotiated Rulemaking has concluded, the issues embedded in the Borrower Defense to Repayment regulation (BDTR Rule) remain under active discussion within the US Department of Education and promise to change the legal landscape for institutions and student borrowers as the...
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