From today’s CNBC News:
The Biden administration announced on Tuesday a finalized plan to improve its oversight of higher education institutions and to bolster consumer protections for student loan borrowers.
“We are raising the bar for accountability and making sure that when students invest in higher education, they get a solid return on that investment and a greater shot at the American dream,” said U.S. Secretary of Education Miguel Cardona.
Some of the new rules aim to protect borrowers whose schools abruptly close, while other policies will better inform students about their rights and reduce their chances of being unable to pay down their student debt when they leave school.
Under the regulations, which will go into effect July 1, 2024, colleges that receive Title IV financial aid will be required to provide “adequate” financial aid counselling to students, including information on the cost of attendance and varying types of aid available. They’ll need to provide sufficient career services, too.
Read the complete story here.