Since 2015 debt relief claims poured in to the Department of Education! Most of these were for undergraduate degrees, but this may be spreading and people in many professions could wind up with the chance to relieve themselves of the burden that simply working hard to try to improve their lives and be a productive member of our society has put on them.
To all the well-educated hard workers out there that graduated college to the reality of a disappointing job market there is hope. Your Student Loan Debt could be cancelled!!!!
In June of this year the Department of Education proposed a final rule that would codify “a defense of repayment” provision. Students defrauded and misled by colleges about how great the job market would be upon graduating from their school only to be left out there in the real world buried in piles of debt they can’t get a job to pay now have hope for a future free of debt. The rule allows defrauded students to have their debt forgiven under FEDERAL LAW!
Schools providing fictitious statistics on the likelihood of getting a job will be sanctioned. Many schools advertised in a way that was just plain deceptive to the average consumer.
Law schools are an example if one of the most guilty of graduate schools in misleading people into believing going to their school would ensure the American Dream. Lawyers are among those who carry some of the largest student loan debts out there and it is just not how it used to be. Having a law degree does not ensure a high paying job or any job at all anymore. Thus, leaving us with a mess of debt it is impossible for us to clean up.
The original language, buried in a promissory note signed by federal loan borrowers, said only that borrowers could claim loan forgiveness if their school “did something wrong” that “would give rise to a legal cause of action … under applicable state law.”
But the new, more detailed rules specify that student loan borrowers are eligible for forgiveness if their schools made a “substantial misrepresentation,” inducing students to enroll based on “any statement that has the likelihood or tendency to mislead under the circumstances” or “omits information.”
Although so far the small amount of cases that have made it to court may have failed, these are the kinds of lawsuits that could cost taxpayers a lot of money.
So there is power in numbers:
To every college graduate out there I as a lawyer understand your plight. Join me in this cause as there is hope because we can make a convincing case to have our loans cancelled! The more of us that join the fight the more likely we will win.
(Credit to buzzfeed.com in providing some of these valuable facts)
