New Fed rule aims to protect students at for-profit schools from drowning in debt

The government is moving forward with its crackdown on the country’s for-profit schools, aiming to protect students from taking on too much debt to attend schools that do nothing for their job prospects.

continue

Student loan provider Sallie Mae says layoffs are imminent as a result of President Obama’s new student loan overhaul.

“This legislation will force Sallie Mae to reduce our 8,600-person workforce by 2,500,” Conwey Casillas, Vice President of Sallie Mae Public Affairs, said in a statement to Fox News.
continue

3.3 million records of student loan borrowers was stolen from a nonprofit company that helps with student loan financing.
continue

House lawmakers voted for a major shake-up of the student loan industry Sunday, ending most private banks’ ability to originate lending in the market.

continue

Federal student loan program overhaul is getting placed on the fast track in Congress after being stalled for months. President Barack Obama’s proposal will eliminate the role of private lenders.
continue