Education Dept. revamps student loan system to make it 'fairer'.

By The Exchange Team

The US Dept. of Education announced major changes to the federal student loan system on Monday.

Changes include additional consumer protections for borrowers and limits on debt interest.

Edu. Sect. Miguel Cardona said, "Today marks a huge step forward in the Biden-Harris team's efforts to repair a broken student loan system"

New laws should make it easier for students defrauded by their colleges to get their federal student loans cancelled.

Allows the Ed. Dept. to decide on relief requests as a group, rather than having each borrower to prove they were hurt or misled by their school.

Under the restrictions, colleges that accept federal student aid can't require borrowers to sign arbitration agreements.

Or to waive their right to participate in a class-action lawsuit relating to their borrower defense claim.