The Obama Administration is on the verge of issuing a proposed rule that would create new procedures and standards for cancelling the federal student loan debt of people who were defrauded by their colleges. The rule would also create new standards for the Department of Education to require colleges to post escalating letters of credit based on concerns about their operations. And it would ban or limit the ability of a college receiving federal aid to force students to resolve claims in private, secret arbitrations, rather than in court.
There were several months of public negotiations on a rule among representatives of colleges, students, and others, and various draft proposals submitted by the U.S. Department of Education …
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