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Budget 2020 live updates | Nirmala Sitharaman proposes FDI in education, sector allocated over ₹99,000 crore

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Budget 2020 live updates | Nirmala Sitharaman proposes FDI in education, sector allocated over ₹99,000 crore

Union Finance Minister Nirmala Sitharaman’s second Budget is being presented in Lok Sabha. It is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of $ 5 trillion economy by 2025.

Here are the latest updates:

12.30 p.m.

A taxpayer charter is to be enshrined in the statutes to avoid citizen harassment. Major reforms proposed in recruitment in non-gazetted posts in government and public sector banks. Govt to set up National Recruitment agency for recruitment to non gazetted posts.

New National Policy on Official Statistics proposed. Clean, reliable, robust financial sector critical for economy.

12.20 p.m.

Indian Institute of Heritage and Conservation to be set up, with the status of a deemed university.

Five archaeological sites will be developed as world-class sites – Rakhigarhi, Haryana; Hastinapur, UP; Sivasagar, Assam; Dholavira, Gujarat; Adichanallur, TN.

A Tribal Museum is proposed in Ranchi.

Ministry of Culture – ₹3,150 crore.

India’s tourism sector grew at 7.8 per to 1.88 lakh crore from 1.75 lakh crore. ₹2,500 crore allocated to promote tourism

Coalition for Disaster Resilient Infrastructure launched from September 2019. Its implementation will be from January 2021.

₹4,400 crore allocated to promote clean air in cities with 1 million population.

She quotes the Thirukkural: Piniyinmai Selvam Vilaivinpam Emam Aniyenpa Naattiv Vaindhu (A country’s jewels are these five: unfailing health, farm productivity, and joy, a good defence, and wealth)

National Security is the top priority of this government. She compares Ayushman Bharat initiative to Thiruvalluvar’s emphasis on a healthy nation. As FM compares Mr. Modi with Thiruvalluvar, Opposition begins slogan shouting.

12.10 p.m.

The govt proposes to expand the national gas grid from 16,200 km to 27,000 km.

Soon there will be a policy to enable the private sector to build data centre parks throughout the country. Fibre to Home connections through Bharat Net will link 1 lakh gram panchayats this year itself. The Bharat Net programme will be allocated ₹6,000 crore.

Budget proposes to provide Rs.8,000 crore over five years for the National Mission on Quantum Technology and Applications.

‘Beti Bachao, Beti Padhao’ has yielded tremendous results, she says, and other Members in the House raise their voices against the Minister’s statement. Gross enrollment is higher than boys, she says. I would request you not to politicise the issue, FM tells Opposition MPs.

₹35,600 crore allocated for nutrition-related programmes.

We will appoint a task force to look into the issue of low age of girls entering motherhood.

SC and OBC development – ₹85,000 crore

ST development – ₹53,700 crore

Senior citizens and persons with disabilities – ₹9,000 crore.

12 noon

The National Infrastructure Pipeline presents a huge employment opportunity. A National Logistics Policy to be released soon.

Chennai-Bengaluru Expressway to be started.

Within 100 days of the governments formation, it has eliminated unmanned level crossings, and aimed to achieve electrification of 27000 km of lines. We plan a large solar power capacity for Indian Railways, alongside the rail track on the land owned by the Railways.

The government also proposes a Bengaluru suburban rail project at a cost of ₹18,600 crore.

Govt to monetize 12 lots of national highways by 2024. 100 more airports will be developed by 2024 to support UDAN.

Budget proposes to provide ₹1.7 lakh crore for transport infrastructure in 2021. Aircraft fleet size will increase to 1,200 planes by 2024.

Govt urges the States to replace the existing energy meters with prepaid smart meters.

Budget to provide ₹22,000 crore to power and renewable energy sector.

11.50 a.m.

An Investment Clearance Cell to be set up to provide end to end facilitation services, including free investment advisory, information related to land banks. It will work through a portal. Five new smart cities have been planned.

India needs to attract large investments in electronics manufacturing. She proposes a scheme for encouraging investment in this. She also proposes a National Technical Textiles Mission with an outlay of ₹1,480 crore over 4 years to cut down imports.

All ministries will issue quality standards. A new scheme, NIRVIK will be launched. Reversion of duties and taxes on exported products to be launched this year

Each district is to become an export hub, she says. Budget to provide ₹27,300 crore for development and promotion of industry and commerce in 2021

11.45 a.m.

Minister proposes FDI and ECB in education.

150 higher education institutions to start apprenticeships. Urban Local Bodies to provide internships opportunities for fresh engineers for a year.

In order to provide quality education to students of deprived sections, it is proposed to start a degree level full-fledged online education programme.

Under the Study in India programme, an INDSAT exam is proposed to be held in Asian and African countries. A National Police University and National Forensic Science University are proposed.

There is a shortage of qualified medical doctors. For this, it is proposed to attach a medical college to existing district hospitals under PPP mode.

Education sector – ₹99,300 crore

Skill development – ₹3,000 crore.

11.40 a.m.

Swachch Bharat mission to get ₹12,300 crore

The Minister moves on to wellness, water and sanitation.

Fit India movement is a vital part of the fight against non-communicable diseases.

The government proposes to set up hospitals in Tier-II and Tier-III cities with the private sector using PPP.

The Minister also proposes to expand Jan Aushadhi Kendra.

Health sector allocation – ₹69,000 crore.

Swachch Bharat mission – ₹12,300 crore

11.30 a.m.

Railways to launch Kisan Rail for cold storage

The Indian Railways will set up Kisan Rail for cold storage of perishable goods through the PPP model. Krishi UDAN will be launched by the Ministry of Civil Aviation on international and national routes.

For the horticulture sector, with its current produce of 311 million metric tonnes exceeds the production of foodgrains. For better marketing and exports we will support States which support ‘one product, one district’.

Integrated farming systems in rain-fed areas will be established.

Youth and fishery extension work to be enabled by rural youth as Sagar Mitras, 500 fish farmer producing organisations to be set up.

Financing on negotiable warehousing receipts has already crossed ₹6,000 crore.

Agricultural credit target has been set at ₹15 lakh crore. All eligible beneficaries of PM Kisan will be covered under Kisan Credit Card scheme.

MNREGA will be dovetailed to create fodder farms.

By 2022-23, she proposes raising fish production to 200 lakh tonnes.

58 lakh SHGs have been mobilised to alleviate poverty.

The fund allocation for all these steps: for the sector comprising agriculture, allied activities – ₹2.83 lakh crore.

11.21 a.m.

Govt committed to doubling farm income by 2022

The government is committed to doubling farm income by 2022.

The first thing is to encourage State governments to implement model laws passed by the central government — Model Agri Land Leasing Act, 2016, APMC, 2017 and Contract Farming, 2018.

The second action point is comprehensive measures for 100 water-stressed districts.

The third action point is to provide 20 lakh farmers with stand-alone solar pumps. We shall also help another 15 lakh farmers to solarise their farms.

The fourth is to encourage balanced use of all kinds of fertilisers. This is to change the current incentive regimes, she says.

She then quotes the Aathichudi by Auvaiyar. Bhoomi Thiruthi Unn (Take care of your land first).

The next is a proposed village storage scheme run by self-help groups. Women SHGs can get assistance from NABARD or Mudra.

11.20 a.m.

She reads out a Kashmiri poem, which she then translates in Hindi.

Hamaara watan Khilte Shalimar bagh ke tarah

Hamara watan Dal lake mein Khilte hue Kamal jaisa hai

Naujawano ke garam Khoon jaisa hai

Mera watan tera watan hamara watan, Duniya ka sabse pyara watan

Our country is like a blooming Shalimar Bagh,

Our country is like a lotus blooming in Dal Lake

Its like the warm blood flowing through our youth’s veins

My country, your country, our country, The world’s most adorable country.

11.10 a.m.

The implementation of schemes and programmes that directly benefited the poor and the disadvantaged was sped up and scaled up, says the Finance Minister. She lists Ayushman Bharat, UPI, affordable housing through PMAY etc. The milestones achieved are unprecedented, globally recognised, she says.

We have moved on from a growth rate of just over 4% to around 7% in 2014-19.

Inflation was 9% in the last two decades, she says. We are now the fifth largest economy in the world, says Nirmala Sitharaman.

Our government shall work towards taking the country forward so that we can leapfrog to the next level of wealth, prosperity and well-being, she says.

Three prominent themes in the Budget are — aspirational India, economic development for all, a caring society that is both humane and compassionate.

The digital revolution which has placed India in a unique position globally will govern the future. We shall aim speedy delivery of services, she says.

11 a.m.

Nirmala Sitharaman begins her Budget speech

House is in session. Speaker Om Birla is in the Chair. Papers are laid on the table.

Finance Minister Nirmala Sitharaman rises to lay on the table the report of the 15th Finance Commission.

Ms. Sitharaman then presents a statement of estimated receipts and expenditure.

She then rises to present the Union Budget 2020-21. “In May 2019, Prime Minister Narendra Modi received a massive mandate to form the government again. People of India have unequivocally given their janaadesh for not just political stability, but have also reposed their faith in our economic policy. Let our businesses be innovative, healthy and solvent with use of technology.

Ms. Sitharaman presents a picture of “vibrant India” with what she calls the “gentle breeze of technology” to uplift minorities.

The Minister calls GST as historic and mourns the passing of Arun Jaitley, whom she calls the “architect of GST”. GST has integrated the country economically, she says, and has resulted in the formalisation of the economy. The turnaroud time for trucks has reduced by 20%. Inspector Raj has vanished, she says.

The average family has saved 4% of its monthly spending on account of reduced GST rates. We have added 60 lakh new taxpayers, she says.

10.45 a.m.

Merge ‘Make in India’ with ‘Assemble in India’ to create jobs: Eco Survey

The economic survey 2019-20 urged the government to integrate ‘Make in India’ with ‘Assemble in India’ to create 4 crore jobs by 2025. The survey pointed out that the current international trade environment presents an opportunity for India to chart a China-like, labour intensive, export trajectory. This in turn will create jobs for the youth, the survey said.

Officials check the Union Budget 2020 documents outside the Parliament building in New Delhi | Photo Credit: R.V. Moorthy

By integrating ‘Assemble in India for the world’ into ‘Make in India’, India can raise its export market share to about 3.5% by 2025 and 6% by 2030. This will create 8 crore by 2030, the survey said.

Delhi should get even more in this Budget, says Kejriwal

“People of Delhi hope that the Centre will protect the interests of Delhi. In view of the elections, Delhi should get even more. The budget will show how much the BJP cares about Delhi,” said Delhi Chief Minister Arvind Kejriwal in a tweet on Saturday.

10 a.m.

Congress hopes Union Budget will provide relief to salaried class, invest in rural India

The Congress expressed hope that the Union Budget 2020 would provide relief to the salaried class through tax cuts and invest in rural India besides providing a healing touch to the common man and industry facing “hardship” since demonetisation.

Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP.

“Budget 2019= Consumption crashed, Unemployment soared, Farm distress surged, Incomes declined, Investments slumped, Public spending fell, GDP nose dived!,” Mr. Surjewala tweeted.

“Yet, Modiji gave Corporate Tax Cuts of ₹1,45,000 crore. Let Budget 2020 give tax cuts to Salaried Class and invest in Rural India,” he said.

– PTI

9.45 a.m.

Ahead of Budget, Sensex slumps over 200 pts, Nifty tests 11,900

Market benchmark Sensex slumped over 200 points in opening session on Saturday ahead of the release of the Union Budget.

After shedding 279 points in early trade, the 30-share BSE index was trading 124.96 points or 0.31% lower at 40,598.53, and the broader NSE slipped 23.10 points, or 0.19%, to 11,939.

In the previous session, Sensex settled 190.33 points, or 0.47%, lower at 40,723.49, after the Economic Survey suggested relaxing fiscal deficit target to boost growth from a decade low.

Likewise, the broader NSE Nifty shed 73.70 points, or 0.61%, to finish at 11,962.10.

9.15 a.m.

‘Bahi-khata’ makes a comback in this years’ budget presentation

Like last year, Finance Minister Nirmala Sitharaman carried the 2020 Union Budget documents in a red bag, reminiscence of the traditional bahi-khata.

Finance Minister Nirmala Sitharaman holds budget papers during a photo opportunity as she leaves her office to present the Budget in the Parliament in New Delhi, India | Photo Credit: Reuters

Earlier, Finance Ministers in different governments used to carry a briefcase to present budget, which was considered as a tradition of colonial past.

Ms. Sitharaman is presenting the full Budget for 2020-21. She is carrying the Budget documents in a red silk bag with national emblem.

During the Atal Behari Vajpayee government, the then Finance Minister Yashwant Sinha broke the one colonial tradition of budget presentation at 5 p.m. Since then all governments have been presenting the budget at 11 a.m.

Bahi-Khata is referred to books of account maintained by traditional Indian businessmen.

Better to focus on growth than on fiscal deficit in current situation: CEA

Ahead of Finance Minister Nirmala Sitharaman’s second Budget, Chief Economic Adviser K.V. Subramanian suggested the government should focus on growth rather than being rigid on fiscal deficit in times of slowing economy.

Union Finance Minister Nirmala Sitharam with MoS Finance Anurag Thakur and Finance Budget team during photo shoot on the eve of the Union Budget presentation, at North Block office in New Delhi | Photo Credit: Sushil Kumar Verma

The government can look at option of increasing market borrowing to fund higher expenditure by the government in 2020-21, he said adding that if need be, the government can resort to higher market borrowing this fiscal.

“So, we’ve delineated the overall stance that needs to be taken in times like this. India has been in such situations earlier as well. There’s always a delicate balance between spurring growth and keeping the fiscal (situation) in order,” Mr. Subramanian told PTI in an interaction.

“The view that we have articulated is that it’s better at this point to lean on growth. When you look at the debt-to-GDP ratio, the denominator is the GDP, and our analysis has also shown that when GDP growth increases, the debt-to-GDP ratio falls as well,” he said.

It is time to focus on growth and, therefore, cutting expenditure is not an option, probably because at a time like this, growth needs to be taken care of, he added.

– PTI

Fiscal deficit hits 132% of Budget Estimate till December

The government’s fiscal deficit touched 132.4 per cent of the full-year target at December-end mainly due to slower pace of revenue collections, official data showed on Friday.

In actual terms, the fiscal deficit or gap between expenditure and revenue was Rs 9,31,725 crore, the data released by the Controller General of Accounts (CGA) showed.

The government aims to restrict the gap at 3.3 per cent of the GDP or Rs 7,03,760 crore in the year ending March 2020.

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The position listed below is not with Tennessee Interviews but with National Healthcare Recruiting Services (NHRS)Tennessee Interviews is a private organization that works in collaboration with government agencies to promote emerging careers. Our goal is to connect you with supportive resources to supplement your skills in order to attain your dream career. Tennessee Interviews has also partnered with industry leading consultants & training providers that can assist during your career transition. We look forward to helping you reach your career goals! If you any questions please visit our contact page to connect with us directlyPTRS/NHRS is actively seeking qualified licensed therapists in this area. We are a leader in the permanent and contract placement of highly motivated healthcare professionals. Please contact us to see how we may assist you in reaching your career goals.Why should you choose PTRS/NHRS professionals to assist with your career search?Unique to NHRS, our permanent placement division:* Family owned and operated (co-owner has BA in SLP/Aud and MS in Audiology)* Focused on therapy only: PT, OT, SLP, PTA and COTA* Niche territory of the southeast* Part-time and full-time positions available* Assistance for therapists who are relocating into our territory* Strong negotiating skills* Resume assistance and formatting* Interviewing advice* Resumes are never presented to a client without explicit permission from the therapistUnique to PTRS, our contract staffing and PRN division:* Owned and operated by a PT with 15 years of patient care and administrative experience* Well-funded organization with a proven record of growth and stability* Employs 100s of satisfied PTs, OTs , PTAs, COTAs and SLPs as contractors* Full-time, part-time or per diem assignments available across the country* Competitive hourly rates* Flexibility to maintain skills across settings and make your own hours and vacation time* Assistance with starting an S-Corp to maximize income and tax benefits* Accessible team for financial planning, tax advice and health insurance* The owners know each therapist by name and create a family environment for their team. They have established an incredible reputation for themselves and their company through their work ethic, integrity and loyalty. They offer big company benefits with a small company feel.About our partnering clients:* We staff some of the most reputable national health care organizations in the US* Exclusive relationships with smaller private rehab companies and outpatient clinics* We staff both large and small hospital systems* Partner relationships with other home health agencies outside of our own territory* Competitive and creative salary and benefits packagesTo find out more about PTRS/NHRS and its unique business model, please contact:Julie [email protected] (e-mail preferred)(404) ###-#### (e-mail preferred)Key words: PT, physical therapy, physical therapist, PT job, physical therapy job, physical therapist job, travel PT job, travel physical therapy job, travel physical therapist job, OT, occupational therapy, occupational therapist, OT job, occupational therapy job, occupational therapist job, travel OT job, travel occupational therapy job, travel occupational therapist job, PTA, physical therapy assistant, physical therapist assistant, PTA job, physical therapy assistant job, physical therapist assistant job, COTA, certified occupational therapy assistant, certified occupational therapist assistant, COTA jobs , certified occupational therapy assistant job, certified occupational therapist assistant job, SLP, speech therapy, speech therapist, speech language therapy, speech language therapist, speech language pathology , speech language pathologist, SLP job, speech therapy job, speech therapist job, speech language therapy job, speech language therapist job, speech language pathology job, speech language pathologist job, travel SLP job, travel speech therapy job, travel speech therapist job, travel speech language therapy job, travel speech language therapist job, travel speech language pathology job, travel speech language pathologist job, contract therapy, best healthcare job niche board, rehab jobs, therapy jobs, snf jobs, skilled nursing facility jobs, hospital jobs, outpatient clinic jobs, home health jobs, acute jobs, inpatient jobs, Florida, Georgia, Mississippi, Tennessee, Alabama, North Carolina, South Carolina, southeast, FL, GA, MS, TN, AL, NC, SC Associated topics: cfy, language, language pathologist, slp, slpa, speech, speech and language pathologist, speech language, speech language pathologist, speech therapist SpeechLanguagePathologist–SLP–JohnsonCity,TNwithNationalHealthcareRecruitingServices(NHRS) from Job Portal http://www.jobisite.com/extrJobView.htm?id=114537

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ename1776dmvstategov-blog · 6 years

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Why does the tax rate decrease...

Why does the tax rate decreases Why does the tax rate decreases in proportion to the degree of emancipation of the citizen? Respect for freedom? Fear of whom [[🎶240°39"19:12:17Diamibday]] is sufficiently free to inspect "the republic for which it stands"? Slaves ~> Employees ~> Investors ~> Endowed citizens. Excellent presentation. The only missing element is that wages are derived from the investment of the human capital of the worker in the investment opportunity of the job offered by the employer. The only asset the wage earner brings is the value of the human capital of thevwage earner, and that can be significant. Investment income, on the other hand is derived from assets other than human capital of the investor, although the human capital of the investor may be used as "sweat equity" to acquire claim upon the sum total [\] of assets making up the investment. Thus income derived frim investment is traditionally considered to be eatned by assuming a greater RISK than income earned from signing a contract to earn wages or a salary paid to you by the owners [^_ 225°28"19:12:17Diamonday] of the investment in which you work. The line can blurr as profit sharing and other equity like incentives are added as bonuses or penalties to base [^] wages. Partnerships share the risk of whether the investment of the human capital will be profitable, and so income derived therefrom is clearly in between wages and investment income in terms of risk and so should be taxed at a lower rate than ordinary wages if this line of reasoning is consistent in the tax code. "But wait," who might say, "you get paid to take a risk, you pay to avoid taking a risk," so shouldn't the higher risk of investment income already be accounted for by a higher rate of return on the capital invested than would be expected from the same capital invested on an employee basis? But employess can only be humans, except in Saudi Arabia wherevthe first robot citizen on earth might be considered an employee, rather than a working capital invested in machinery. So the fact that the category of assets that are not [\tn 225°42"19:12:17:DD] human is the source of the investment income earned by assuming the risk of successfully baking and selling cakes, whether human hands are involved in any aspect of the process or not, is considered a socially useful behavior [/thn] the sovereign wants to reinforce over and above the compensation the market [\tn] provides for assuming the risks of more than a.) betting on yourself to be able to perform a set of tasks, and b.) [^] betting your employer will be able to pay you. So the investment income is given a tax break that in fact subsidizes it and permits investments to charge less than they would need to [^_^_^_ 51"] to fully compensate investors for the degree of risk they are assuming, and this inturn subsidizes the cost of the goods and services to the consumers who can then be paid lower wages to participate ad employees in this process and still br sble to afford to buy the goods and services they make. But, investment decisions are supposed to be made based upon the rate of return BEFORE taxes, so introducing after tax bias into the investment decision undermines the highest and best use of the human capital making the decision [thn |] between, "Should i be an employee? Or an investor with my limited time?" The lower tax rate for investment income recruits talent away from the employee pool and into the investor pool. So again the issue of the value of the investment of the raw materials and natural resources to make productive investments, as opposed to simply renting capacity, arises, and it becomes clear the value of title to assets, and the competition to derive yield, or retun on the investment or organized use of assets to produce goods and services for the benefit of advancement of inherent value, what makes a thorough bred horse a thing of value in and of itself, and likewise, what makes a cowboy's working horse an intrinsic value [\tn 240°07"19:12:17] in conjinction with a lariat, saddle, skilled cowboy, and cattle to brand and herd, and thus a market value in terms of the market value a pound of beef can fetch where. Thus the tax code rewards the research and development [^ _ ] aspect, as well as the alchemist aspect of combining what ingredients to "bring good things to life" as the G.E. Motto once went... and what else? The knowledge of the inventory of reources undervsovereign jurisdiction as well as outside it. So as yhe national defense depends upon whose ability to know, find, get, and design within those constraonts to produce the technilgy for national defense amd higher standards pf living, the tax code biases the brains, brawn, and skills to make sure investments get done and donr right,compared to the eady pickings of lightening the pay checks of the "free riders" on the syetem who do ehat any well trained robot should be expected to be able to do living off the risks the investors are willing to take. Do employees tend to want to share in the risk taking? Only to be denied? Or is it a case of being billed twice to avoid taking a risk? First by the lower rate of return on human capital invested for wages vs. invested in making investments? [/tn 240°23"] And then by the higher tax rate on wages than on investment income? Or, is substsndsrd performance on investments rewarded by a lower tax rate on investment income thereby [^_ 26"] Or, is thd tax code a distsnt early warning, D.E.W., signal putting dollars and cents behind your words when you, Barack Obsma, as Presiddnt of the United States accurately said words to the effect that, "It's not like it used to be. You don't simply go down to your local factory and stand in line to get a job that you'll do for the rest your life. Now, you need to look at our own and find a need and fill it," xref: the Horatio Alger Society. So, if employees ard but emancipated slaves and investors are [🐾🐩🐾🐾🐩] emancipated employees, and endowed citizens emancipated investors, then the lower [/tn 240°33]...‬

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cathrynstreich · 6 years

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Borrower Beware: Soon It Will Be Tough to Unload College Loans

(TNS)—Here’s a good reason to think twice about taking out piles of student loans after watching a catchy TV ad for a for-profit college.

The U.S. Department of Education is on a path to make it far tougher to get federal college loans forgiven using the argument that the school cheated you out of a good education by misleading you about job prospects or engaging in fraud.

The new rule—now under a public comment period—would apply to students seeking loans after July 1, 2019.

Consumer watchdogs, of course, charge that bad actors are getting a pass here. It would be up to students to prove that the school knowingly made false statements. What’s most troubling is that we’re often talking about low-income students, minority students or military veterans who have taken out loans to attend for-profit schools as they seek to build a better life and get training for a good-paying job.

Education Secretary Betsy DeVos has said the proposal lays out clear rules schools must follow, while protecting students from fraud. The administration maintains that the current rules had been too broadly interpreted, leaving taxpayers on the hook and opening the door for frivolous claims.

Yet many borrowers could be burned here. We’re looking at yet another reminder of why it’s savvy to be skeptical when costly for-profit colleges aggressively recruit you and make breathless promises about grants and financing.

All graduates don’t get good jobs. Some schools do go out of business unexpectedly; others provide misleading claims and don’t provide a degree that employers really value.

Two years ago, for example, ITT Tech shut its doors following sanctions by the U.S. Department of Education. The sudden shutdown meant that students were able to seek a discharge of federal student loans—but not private student loans—from the federal government. For-profit Corinthian College closed its campuses in 2015, leaving students unable to complete their programs.

Often consumers find the pitch surrounding some for-profit programs very appealing. They’re looking to get on the fast path to a new, more promising career. Yet many students borrow heavily—too heavily—to chase those dreams.

Robin Howarth, senior researcher for the Center for Responsible Lending, says there’s growing concern that students attending for-profit schools can end up owing a great deal of money but only have limited potential for obtaining a job with a substantial paycheck in return.

The consumer watchdog group released a report in June that indicated, for example, that students face very high tuition and fees at for-profit colleges in order to receive training for healthcare support jobs. Many students borrow most of the money, but the jobs they find don’t pay enough to cover their living expenses and all that debt.

“Students need to pay very close attention to what kind of earnings are achieved,” Howarth says.

It’s important to look beyond average salaries in the medical field and look at the kinds of jobs obtained by students who attended that program.

Many times, Howarth says, earnings for similar programs are less when the student has attended a for-profit school than if the student studied a similar program at a public or private nonprofit college.

Often, Howarth says students may be better off obtaining training at a community college at a far lower cost.

Proving fraud isn’t easy for student borrowers. Kurt O’Keefe, a Grosse Pointe Woods attorney who has a blog called “Discharge Student Loans,” says student borrowers would still face significant challenges under the new rules, if they want to try to get loans forgiven if they claim they were defrauded by the schools.

“Failing to deliver requisite skills and knowledge is a tough one to litigate,” O’Keefe says. “The schools will say the student just failed to learn.”

In addition, he noted that many who find themselves in such circumstances are from lower-income families and cannot afford to take legal action.

“A right that costs money to exercise, legal fees for your lawyer, does not help much when you are talking about people who cannot pay their loans to begin with,” O’Keefe says.

O’Keefe says the real problem is one that he refers to as “the triangle.”

“The schools get the money whether the student gets value or not, the government (usually) lends the money and chases the borrower for repayment. The schools have no skin in the game,” he says.

Part of the draft rules would allow the Department of Education to seek reimbursement for forgiven student loans from the institutions and that is good, he says.

“It would hurt scam schools and schools with scam programs, and could be used against any institution, public or private,” O’Keefe says.

Under a current regulation, borrowers with federal student loans might be able to get debt relief when they claim they were misled about the cost and quality of the education. It’s called the “Borrower Defense to Repayment” rule.

The Education Department notes students may be eligible for borrower defense regardless of whether your school closed or you are otherwise eligible for loan forgiveness under other laws.

Consumers with questions or pending claims regarding borrower defense may call the Department of Education’s hotline at 855-279-6207 from 8 a.m. to 8 p.m. weekdays. As of January, the Department of Education has received 138,989 claims—and 23 percent had been processed. The bulk of the claims processed were associated with Corinthian and ITT.

New rules would save the government billions. The proposed change in regulations would significantly limit the situations under which borrowers could qualify for financial relief, says Mark Kantrowitz, publisher and vice president of Research for Savingforcollege.com.

“The changes appear intended to primarily reduce costs to the federal government,” Kantrowitz says. “While the previous regulations may have been too permissive—allowing cancellation of debt based on just accusation of wrongdoing—the new regulations go too far in the opposite direction. As the lender, the federal government should have some responsibility to the borrower.”

It’s estimated that the new proposal could save the federal government nearly $13 billion over the next decade.

It’s a substantial savings, given that the Education Department had put a $14.9 billion price tag over the next decade for the program under the more-broadly defined regulations.

The new regulations would permit the U.S. Department of Education to provide partial relief instead of cancelling all of the borrower’s loans, depending on the level of harm suffered, he says.

Under the new rules, borrowers would need to prove that the college intended to defraud—a very difficult standard.

Also significant: Only borrowers already in default could apply for relief under the proposed rules. As a result, a borrower who was actively repaying the loans wouldn’t get help.

“This might lead some borrowers to intentionally default on their federal student loans,” Kantrowitz says.

Defaulting can seriously harm your credit score, and drive up borrowing costs when you want to take out a car loan, home mortgage or open up a credit card. A default will be reported to credit bureaus.

Most often, you do not want to go into default. If you default on student loans, you will be subject to collection charges and wage garnishment, and the government can seize your income tax refund, too.

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