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ED Updates College Scorecard

This week ED updated the College Scorecard website with an annual data refresh that includes newer, updated data from metrics derived from IPEDS and FSA data sources, including cohort default rates.  In addition to updating existing metrics, key data changes now include:

-Information about the six largest programs of study at institutions following a program-based or continuous enrollment calendar system were added

-Expanding the universe of institutions to include 1) non-degree granting institutions and 2) institutions with limited Title IV participation (deferment-only institutions).

– A table that details the cost and length of the largest programs offered for institutions following a program-based or continuous enrollment calendar display.

-A graduation and retention section of the school profile now includes 8-year outcome measure data.

-The data section provides a data file with preliminary cumulative loan debt data for college graduates by field of study.

https://collegescorecard.ed.gov/data/changelog/

U.S. Stepping Up Enforcement on Delinquent Student Loans

Your rich Uncle Sam is calling in his chips.

The U.S. government stepped up collections on delinquent student debt to $2.9 billion last year — or an average of $1,000 from 2.9 million former students and their cosigners, according to the Treasury Department. And the trend continues. In the first six months of fiscal 2019, which started Oct. 1, collections totaled $3.3 billion.

https://www.bloomberg.com/news/articles/2019-05-12/u-s-stepping-up-enforcement-on-delinquent-student-loans

Loan Servicer- CFPB

Conduent Education Services settles case with the CFPB for $3.9 million

Yesterday, Conduent Education Services LLC (formerly known as ACS Education Services) reached a settlement* for $3.9 million with the Consumer Financial Protection Bureau.  The company had failed to process loan adjustments in a timely manner, causing some borrowers to pay more than they owed.  In addition to the fine, Conduent is also required to make repayments to affected borrowers but the amount of such payment wasn’t specified in the CFPB’s consent order.  Conduent said in 2017 it was winding down its student loan servicing operations and has transferred the loans it services to other providers.

The settlement follows Conduent’s agreement to pay $9 million to settle similar claims from NYS in January.  Since early 2017, the CFPB has also been in a  legal battle with Navient Solutions, the nation’s largest federal student loan servicer. The agency alleges the company misled borrowers and processed their payments incorrectly. Navient says the allegations are unfounded.

*https://files.consumerfinance.gov/f/documents/cfpb_conduent-education-services-consent-order_2019-05.pdf