Michael Burgess: “I reserve the balance of my time. Mr. DeSAULNIER. Mr. Speaker, I include in the Record a September 3 Institute for…”

“I reserve the balance of my time. Mr. DeSAULNIER. Mr. Speaker, I include in the Record a September 3 Institute for College Access and Success article titled ``Defrauded Students Left Holding the Bag Until Final `Borrower Defense' Rule.'' [From The Institute for College Access & Success, Sept. 3, 2019] Defrauded Students Left Holding the Bag Under Final ``Borrower Defense'' Rule Claiming to protect students and hold colleges accountable, on Friday the Department of Education finalized its so-called borrower defense rule. The rule allows students to seek to cancel student loans connected to fraud and other illegal activity by their colleges. ``If a school defrauds students, it must be held accountable,'' said Secretary of Education Betsy DeVos in the press release. Yet the Trump Administration's proposal would do virtually nothing to hold schools accountable for their misdeeds or to protect students who were wronged. To really understand the impact of the rule, you have look at page 669 of the notice where--in a table titled ``Assumptions for Main Budget Estimate Compared to PB2020 Baseline''--the Department published its own estimates of the likely impact of the rule: Borrowers will be required to repay the vast majority of loans resulting from colleges' wrongdoing. Only about 3 cents of every dollar borrowed will be forgiven under the borrower defense rule. Colleges, on the other hand, will rarely face any questions.…”