In a letter, the Student Borrower Protection Center and Dr. Stephanie Hall of The Century Foundation call on the Consumer Financial Protection Bureau to protect students and student loan borrowers from predatory practices by Online Program Managers (OPMs). OPMs are for-profit companies that purport to help colleges expand their online course offerings. A growing body of evidence shows that OPMs use deceptive marketing and lofty, frequently hollow promises to drive students into massive debt for low-quality educational programs.
A report last month from the Government Accountability Office revealed that the Department of Education is categorically failing to meaningfully supervise the OPM industry despite stark warning signs of student harm and the clear authority to step in. In response, the SBPC and Dr. Hall’s letter urges the Bureau to use the numerous, robust tools at its disposal to hold OPMs accountable for misdeeds.
Read the Letter: Letter to the CFPB Regarding Oversight of Online Program Managers and Private Student Loan Borrower Protection
Read the Blog: With ED Asleep at the Wheel, the CFPB Must Protect Students from Out-of-Control Online Program Managers