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June 2016 Archives

Loan forgiveness rules proposed by Department of Education

People in Kentucky and throughout the United States who took out federal loans to attend for-profit colleges accused of fraud may be able to get those loans forgiven under a new Obama administration initiative. The Department of Education would also prevent universities that get money from federal student loans from requiring students to enter into mandatory arbitration agreements.

The truth about debt forgiveness

In 2016, John Oliver purchased $15 million in unpaid medical debt for $60,000. After purchasing the debt, the host of Last Week Tonight forgave it. While this may seem like a nice gesture, it may not have as much of a positive impact as one may think. First, the type of debt that Oliver purchased was time-barred. In other words, it was debt that could no longer be collected because of the applicable statute of limitations, which Kentucky and every other state has.