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Student Loans, Schools

New July Student Loan Rule Amendments: What Changes and What Does Not

New U.S. Department of Education rules, effective July 1, 2020, create complexity as to applicable requirements concerning the borrower defense discharge, the closed school discharge, and school use of mandatory arbitration clauses. This article explains varying rules for loans issued prior to July 1, 2017, from July 1, 2017 through June 30, 2020, and after July 1, 2020.