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New student loan forgiveness rules

Posted at 5:40 AM, Oct 31, 2016
and last updated 2016-10-31 14:50:41-04
A number of for-profit schools have closed with little or no warning in the past few years.
ITT tech is the most recent one, but now students are getting new protections so they're not on the hook when this happens.
New rules from the department of education will make it so you can get your federal loans erased if your college misrepresents the quality of its programs.
The loans will also get dropped if a college breaks any kind of contractual promise with its students.
Colleges will be responsible for repaying those loans instead of taxpayers.
Schools won't be allowed to force students to sign agreements saying they won't sue over misconduct.
For-profit colleges say the new rules are unfair... and meant to take down their industry.
They say they're reviewing the regulations now to figure out what they're going to do next.
If you or one of your family members has gone to one of those for-profit schools, CLICK HERE for what to do to get that loan forgiveness.