NASFAA Mention: Democrats Vote to Overturn Betsy DeVos Rules on Student Debt

"The House Labor and Education Committee voted on legislation Thursday that would overturn Education Secretary Betsy DeVos’ new policy on student debt discharge that goes into effect on July 1st, 2020," Yahoo Finance reports.

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"Democrats are operating under the Congressional Review Act (CRA), which stems from a 1996 law that grants Congress extensive power to invalidate rules that federal agencies establish. If the effort is ultimately successful, it will also make it more difficult for future administrations to try the same policies again.

'The CRA is a rarely-used vehicle with its own set of rules,' Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators (NASFAA), told Yahoo Finance. Coval added that the last time it was used was in 2017 'to prevent the implementation of the Obama-era Teacher Prep regulation.'

Getting Borrower Defense to the finish line during the middle of Trump’s term was going to be a little more challenging, Coval noted.

'Upon expected passage in the House, the resolution will head to the Senate, where it will only require a simple majority to pass,' Coval explained. 'The chances of passage are less clear in the Senate, but President Trump has already indicated he would veto the resolution if it made it to his desk.'"

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 1/17/2020

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NASFAA Mention: Democrats Vote to Overturn Betsy DeVos Rules on Student Debt

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