Borrower Defense

TICAS commends the U.S. Senate, as part of the American Recovery Act of 2021, for acting to close the 90/10 loophole contributing to the exploitation of veterans & military-connected students. Better capturing taxpayers’ investments will help identify and address risky colleges.

Coalition letter urging Senate Majority Leader Schumer and Minority Leader McConnell in support of the closing the 90/10 loophole in the American Rescue Plan of 2021.

Most colleges and universities help millions of Americans earn a degree or diploma to lead to economic security and a better life. In the wake of the Great Recession, it was revealed that too many for-profit colleges – by enrolling hundreds of thousands of students – sought to take advantage of the federal financial aid system to make windfall profits.

With the nation deep in a global pandemic that has forced an economic recession, the newly elected Biden-Harris Administration has much work ahead to ensure students are protected in this time of unprecedented uncertainty. 

On behalf of students across the county, TICAS is grateful to the members of the U.S. House of Representatives who voted on a bipartisan basis today to overturn the presidential veto of House Joint Resolution 76. Despite the bipartisan support for the resolution in every vote, the override vote fell short of the needed two-thirds support.

On Friday, June 26, the U.S. House of Representatives is expected to vote on student protections against fraudulent colleges. If successful, the bipartisan vote gutting House Joint Resolution 76 will override President Trump’s first domestic policy veto and block the borrower defense rule.