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A massive donation to Albert Einstein College of Medicine has wiped out over $200,000 in student loan debt for thousands of borrowers. The donation has led to court rulings requiring student loan trusts to follow consumer protection laws, allowing the Consumer Financial Protection Bureau to proceed with debt collection lawsuits.
Student loan debt wiped out for thousands https://t.co/mSJ7pDLFLw https://t.co/ctvsiL9LIY
Commentary: A $1 billion donation will make Albert Einstein School of Medicine free, but more systemic changes to higher education are necessary. https://t.co/wxTL7gKVEA
Several investment trusts that hold student loans must follow federal consumer protection law because they serviced and collected on the loans, the 3rd Circuit ruled. The ruling allows the CFPB to continue its lawsuit against the trusts https://t.co/12vZgVm75i https://t.co/d6TYO2qO2b