The Education Department has begun discharging the student loans of hundreds of thousands of borrowers who say they were defrauded by their colleges after a federal judge recently ruled that a $6 billion settlement could largely move forward.
that the agency is pleased Alsup gave it the green light to implementLincoln Educational Services and American National University did not immediately respond to requests for comment. A spokesman for Everglades College, the parent entity of Keiser University and Everglades University, said the school has asked the appellate court for a stay.
“Accountability and transparency require regulatory consistency, adherence to due process, and strict observance of the law that protects not only students and taxpayers, but also the institutions that serve them,” Everglades College wrote in a statement Thursday. “We believe that any student with a valid [borrower defense] claim has the right to have it fairly evaluated. However, the settlement ignores the law and grants relief regardless of the evidence or the merits of a particular claim.
They also claim the Education Department is violating federal procedures by circumventing its own rules for resolving borrower defense claims. In its statement, Everglades College argues that the agreement is based on “vague and unsubstantiated allegations of misconduct which, to our knowledge, are not true.”In his opinion, Alsup argued that the schools have lost no procedural rights and failed to show how the settlement poses concrete harm to them.
“The relief provided by this settlement … will allow plaintiffs to breathe easier, sleep easier, repair their credit scores, take new jobs, enroll in new educational programs, finish their degrees, get married, start families, provide for their children, finance houses and vehicles, and save for retirement,” Alsup wrote. “It will allow them not only to move on, but to move up, elevating others in the process.
The agreement provides automatic relief, including refunds of money paid to the federal agency and credit repair, to some 200,000 people. Another group of about 64,000 borrowers, who attended schools that are not on the department’s list, is entitled to receive decisions on their applications on rolling deadlines.
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