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The official ruling on gainful employment was released by the Department of Education today (the official press release can be read here).
I agree with some sentiments I've already heard expressed, i.e. that it lacks teeth and bite, but perhaps it's a step in the right direction. I'm on the fence about it, and admittedly haven't fully reviewed the regulations and specifics of the issuance. I've been working on content related to the scumbags otherwise known as Nelnet as well as a pivotal court case against them that was settled several months ago. (Thanks be to God for Jon Oberg).
Higher Education Watch (HEW) has done an excellent job of providing links from the press, the for-profit industry, consumer advocacy groups, and a few congressional offices.
HEW is providing updates on on this breaking news, so interested parties can check the link above for additional information.
What we really need is student loan reform where all these loans are private and eligible to modified during bankruptcy. It's the only way. As long as the government is involved there is inevitably going to be corruption, inefficiency, and waste, thereby creating tuition inflation and destroying lives in the process. If, however, student loans are private and dischargeable, loan officers would routinely assess the value of the proposed educational pursuit and higher education would be put under pressure to cut costs and increase efficiency.
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