Henry Kaufman Management Center at the New York University Stern School of Business.
Photo: Getty ImagesCollege leaders probably oppose President Trump as much as their progressive students, but they owe him a debt of gratitude, literally, for vetoing a Congressional Review Act resolution last Friday that would have put their schools at financial risk.
The resolution sought to overturn Education Secretary Betsy DeVos’s revision to the Obama “borrower defense” rule that allowed students or graduates who claimed they were deceived by colleges to discharge their federal loans. A college would be on the hook if an Education Department bureaucrat decides a statement—or omission—had a “tendency to mislead.”
For example, New York University boasts “95% Employed or in Graduate School within six months of graduation.” Under the Obama rule, NYU students might be able to have their loans forgiven if the share of graduates employed falls below 95%, perhaps due to the coronavirus recession, or if many are employed in jobs that don’t require college degrees. A surge of claims from disgruntled students would bankrupt many colleges.
The DeVos revision would provide more due process by requiring borrowers to show they relied on misrepresentations by colleges that were made “with knowledge of its false, misleading, or deceptive nature.” Bad actors could still be held accountable but, as Mr. Trump noted in his veto statement, the DeVos redo provides a “fair process” and “needed transparency to both students and schools.”
Speaker Nancy Pelosi says she plans to hold a vote to override his veto, and Mitch McConnell may be under pressure to do so as well since 10 Republicans—Shelley Moore Capito, Susan Collins, Joni Ernst, Cory Gardner, Josh Hawley, Rob Portman, Martha McSally, Dan Sullivan, Todd Young and Lisa Murkowski—voted for the resolution.
Mr. Trump deserves credit for standing up for students, colleges and due process when it’s not popular. His favor to colleges is unlikely to be politically repaid, but maybe their presidents could secretly slip him a grace note.
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