student loans

 

The U.S. Department of Education has ended an agreement with the Consumer Financial Protection Bureau, or CFPB, the agency tasked with investigating financial fraud and mistreatment. In partnership with the Department of Education, the CFPB has been working to investigate complaints about student lenders and for-profit colleges.  

 

Wyoming’s U.S. Senator Mike Enzi has introduced legislation to address his concerns about the information college students receive when deciding to borrow federal loans. 

The Transparency in Student Lending Act would require disclosure of the annual percentage rate -- or APR -- for federal student loans. The APR is something that lenders of private student loans already provide.  The APR helps borrowers grasp the total cost of obtaining a loan by simplifying it down to one number that includes the interest rate as well as additional fees and costs.

Senator Mike Enzi (R)

U.S. Senator Mike Enzi of Wyoming is calling for the Department of Education to audit the data it maintains on all student loan-related programs. Enzi, who chairs the Senate Budget Committee, wrote a letter on February 23rd to Education Secretary Betsy DeVos, drawing her attention to a coding error in the College Scorecard, a tool the feds created to help students explore college options.

JohnAndAlynda via Flickr Creative Commons

Laramie’s WyoTech automotive trade school will remain operational, but faces an uncertain future.

WyoTech’s parent company—Corinthian Colleges—is clashing with regulators, who accuse the for-profit company of falsifying job placement rates and misleading students about financial aid.

Monday, Corinthian reached an agreement with the Department of Education which will keep federal aid flowing—and the doors on its 90 campuses nationwide open—while a long-term operational plan is developed.