Defrauded for-profit college students suffer rejected relief claims

The Education Department (ED) is rejecting borrower defense claims of defrauded victims of predatory for-profit colleges, according to letters and emails received by three applicants who told their stories to Yahoo Finance.

Three former students of the now-defunct ITT Tech told Yahoo Finance that their application to have their student loan debt discharged under a “borrower defense” rule from the 1990s had been rejected.

The ED sent these people a letter saying that it had completed a review of the application and “determined that your application is ineligible for relief based on review of the facts of your claim and the regulatory criteria for relief… this decision means that your Direct Loans will not be discharged.”

Harold Poling, left, and Ted Weisenberger check the doors to the ITT Technical Institute after ITT Educational Services announced that the school had ceased operating in Rancho Cordova, Calif. on Sept. 6, 2016. (AP:

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The case against more transparency for coronavirus relief loans

Transparency of the Paycheck Protection Program has been a steadily growing issue. Senate Minority Leader Chuck Schumer announced legislation in May to mandate that the agency release the names of every company that got a loan.

Even Republicans were pushing for more information and were optimistic they would get it. “Bottom line is, we’re going to know one way or another who got this money,” Senate Small Business Committee Chairman Marco Rubio (R-FL) said in April.

That appears to no longer be the case.

Treasury Secretary Steven Mnuchin surprised Congress last week when he said that the names of borrowers wouldn’t be publicly released after all. He said it is “confidential information” in an appearance before the Senate Small Business Committee.

Jovita Carranza, who oversees the Paycheck Protection Program, testifies alongside Treasury Secretary Steven Mnuchin, right, on June 10. (Kevin Dietsch – Pool/Getty Images)

Back in March, however, Mnuchin

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Mnuchin ‘definitely’ thinks more economic relief will be needed

On Wednesday Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza testified on Capitol Hill about the Paycheck Protection Program and other measures designed to help small businesses survive the coronavirus pandemic.

It was the Senate Small Business Committee’s first oversight hearing with SBA and Treasury leaders about their coronavirus relief efforts. Here’s what we learned. 

Mnuchin sees a need for additional economic relief

Mnuchin told the committee the economic recovery is underway and he expects the economy to “improve dramatically” in the third and fourth quarters — but he acknowledged certain industries will still need help.

“I definitely think we are going to need another bipartisan legislation to put more money into the economy,” said Mnuchin.

He told the committee the next bill should include provisions to encourage rehiring in industries most impacted by the coronavirus, like travel and hospitality. He also said officials will need to “fix

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United Health is spending $1.5 billion in coronavirus relief: Here’s where its going

UnitedHealth Group (UNH) is investing $1.5 billion to provide financial relief to its insurance plan members, using a mix of givebacks and waived medical fees to alleviate the fallout from the coronavirus crisis.

In addition to a previously-announced plan to waive COVID-19-related visit costs it announced earlier this year, the insurance giant’s plans to offer premium credits ranging form 5% to 20% for some commercial insurance plans for June. For Medicare Advantage members, specialist and primary care physician visit costs will be waived through the end of September, UnitedHealth added.

“Our premiums were based on a certain medical cost assumption, and as we’ve looked at what the premiums are in relation to the cost, it’s the right thing to do to accelerate the give-back of that money to folks,” UnitedHealthcare CEO Dirk McMahon told Yahoo Finance in an interview.

With the pandemic forcing delays and closures in certain types

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Here’s how borrowers are missing out on mortgage, auto payment relief during coronavirus

The coronavirus is wreaking havoc on household balance sheets that were fragile to begin with. During the first quarter of 2020, U.S. households accumulated $155 billion in debt, just as the full impact of the business shutdowns and layoffs was starting to take effect. 

With more than 30 million people out of work in just six weeks, more than half of Americans are concerned about their ability to make their mortgage and auto payments over the next three months, according to a new Bankrate survey.

Among borrowers concerned about being unable to keep up with payments, 17% are very concerned, 18% are somewhat concerned, and 20% are slightly concerned, according to the survey. Auto borrowers shared similar concerns: 15% are very concerned, 20% are somewhat concerned, and 19% are slightly concerned. (Bankrate surveyed 4,026 people.)

In this Tuesday, Aug. 13, 2019, photo a woman walks past a home listed

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