In 2015 former Corinthian students launched the nation’s first-ever debt strike and started a campaign to demand debt cancellation for defrauded student loan borrowers. In the months since, thousands of people from multiple for-profit colleges flooded the Department of Education with debt disputes in an unprecedented collective effort to force the Department to acknowledge that its own ‘Defense to Repayment’ law requires them to cancel loans when students are defrauded.
For months, students have been waiting for a final ruling about how and when the Department will actually provide debt relief.
Today, after months of negotiations, the agency published a document that only partly answers those questions. It is a proposed rule, which means that it will be open for comments for 45 days (more on how you can comment soon!), and then, after responses to comments, will become the final rule. It will go into effect next year.