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WH issues EO about Collection of Student Loans

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Valued Contributor

WH issues EO about Collection of Student Loans

Specifically, the order directs the Secretary of Education (Secretary) to:

Make available, by January 1, 2020, through the Office of Federal Student Aid, a secure and confidential website and mobile application that informs Federal student loan borrowers of how much they owe, how much their monthly payment will be when they enter repayment, available repayment options, how long each repayment option will take, and how to enroll in the repayment option that best serves their needs;
Expand and update annually the College Scorecard with program-level data for each certificate, degree, graduate, and professional program, for former students who received Federal student aid. Data would include things like estimated median earnings, median Stafford or PLUS loan debt, student loan default and repayment rates. (emphasis added)
Expand and update annually the College Scorecard with institution-level data, providing the aggregate for all certificate, degree, graduate, and professional programs, for former students who received Federal student aid. Data would include things like: student loan default and repayment rates, and Graduate PLUS and Parent PLUS default and repayment rates. (emphasis added)
Provide appropriate statistical studies and compilations regarding program-level earnings, consistent with section 6108(b) of title 26, United States Code, other applicable laws, and available data regarding programs attended by former students who received Federal student aid.
https://www.insidearm.com/news/00044883-white-house-issues-executive-order-collec/



5 REPLIES 5
Valued Contributor

Re: WH issues EO about Collection of Student Loans

I can't quite figure out what the free speech part will be about. I do think the website for student loan balances, repayment plans etc is sort of funny...it already exists. They also mentioned there will be a defaulted loan collection reform.
Given the current trend, I think the stats they are requiring may be used to cut off aid for certain programs and schools.
What are your thoughts on the executive order?



Message 2 of 6
Super Contributor

Re: WH issues EO about Collection of Student Loans

Stupid.






Message 3 of 6
Valued Contributor

Re: WH issues EO about Collection of Student Loans

🤣🤣🤣
(Because it's true.)



Message 4 of 6
Regular Contributor

Re: WH issues EO about Collection of Student Loans

So he basically issued an EO that says what's already going on???  There was a DoE report issued on these issues in 2013 or 2014 and Congress passed a law requiring these reporting requirements in 2014. This has been a rough few years. JEEZ.

 

https://www.nasfaa.org/news-item/1703/Higher_Education_Act_Reauthorization

https://www.congress.gov/113/bills/hr4983/BILLS-113hr4983rh.pdf

Message 5 of 6
Valued Contributor

Re: WH issues EO about Collection of Student Loans

Pretty much. Instead of addressing the many problems with lending for higher education that are actually causing the student loan crisis.... Let's mandate the creations of a website that already exists. /s/
Personally, I think the point of this EO is not about helping borrowers, but about the executive branch creating further (and intentionally vague?) controls over educational institutions. Who will get to use the collected data to decide which programs & institutions will no longer get aid?



Message 6 of 6
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