CreditSlips

What's Wrong with PSLF and How to Fix It

11/05/19

The Public Service Loan Forgiveness program has so far rejected roughly 99,000 out of 100,000 student loan borrower applicants. Poor Education Department oversight, poor contract design and implementation, and widespread servicing contractor failures are as much to blame as problems in the legislative and regulatory program design. Making this program work to provide loan relief for potentially millions of public servants requires a comprehensive set of fixes. US Ed.

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USED could have seen PSLF Fail coming

10/31/19

The Department of Education (USED) knew by 2016 that hundreds of thousands of student loan borrowers planning to apply for public loan service forgiveness (PSLF) were headed for rejection as they started applying in late 2017. The Department conducted a review of servicing contractor PHEAA’s administration of PSLF on October 25, 2016, about a year before the first cohort of borrowers would become eligible for loan cancellation.

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Argentina’s [Insert Adjective Here] Debt Crisis

10/29/19

Mark Weidemaier & Mitu Gulati

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Christine Chabot on "Is the Federal Reserve Constitutional?"

10/29/19

I hate to admit that I'm beginning to find constitutional law interesting. First, there was the Puerto Rico v. Aurelius case that was argued at the Court a few weeks ago.  And then, a few days ago, I came across Christine Chabot's “Is the Federal Reserve Constitutional? An Originalist Argument for Independent Agencies” (here).

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How to Deal with a $3 Trillion Bully

10/25/19

I don't like bullies.  And I just ran into a $3 trillion one.  JPMorgan Chase Bank, armed with six partners at two AmLaw 100 firms (Wilmer Hale and McGuire Woods) took the truly unusual step of filing an objection to an amicus curiae brief I filed in a 9th Circuit case called McShannock v. JPMorgan Chase Bank N.A. in support of neither party. Chase objects because the brief is late (which it is) and supposedly irrelevant to the disposition of the case.

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$5 to forgive public servant student loans

10/21/19

Five dollars is the contract payment the US Education Department makes to its servicer FedLoan for a borrower's first approved Public Service Loan Forgiveness (PSLF) employment certification.

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Aurelius v. Puerto Rican Control Board (or "Do Activist Hedgies Add Value?")

10/17/19

This post draws considerably from research on Puerto Rico and its current constitutional status with Joseph Blocher (see here).

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Congratulations to Pam Foohey!

10/15/19

Congratulations to Pam Foohey on being named to the American Bankruptcy Institute's 40 Under 40 list for 2019!  Pam joins Credit Slips own Dalié Jiménez (class of 2018) as an honoree. 

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