A new report finds that while ISAs are a relatively recent development in the student loan market, they share important common features with well-established loan products and fall squarely within those statutes.
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Fintech Lenders’ Response to Senate Probe Heightens Fears of Educational Redlining
The SBPC found that the company’s use of this data resulted in ‘educational redlining,’ penalizing borrowers who attended minority-serving institutions. Upstart’s practices highlight key problems related to the use of educational criteria in underwriting, federal fair lending laws, and equal credit access.
Learn More Innovation or Discrimination? Fair Lending Risks and ISAs
Although the U.S. is desperately in need of solutions for the student debt crisis—and the accompanying racial and ethnic disparities—features of existing Income Share Agreements threaten to exacerbate these inequalities.
Learn More This is not the Credit You’re Looking for: Why Jedi Mind Tricks Won’t Work for ISAs
Lenders offering Income Share Agreements (ISAs) claim they have found the perfect loophole to sidestep federal law. They argue that ISAs are “not credit,” and therefore federal consumer financial laws don’t apply. These companies have bet their business on this assumption, accruing massive liability if they are wrong.
Learn More SBPC Launching Income Share Agreement Conference and Paper Series: Using Consumer Law To Protect Student Loan Borrowers
The SBPC is announcing an unprecedented exploration into the role that consumer protection laws play in safeguarding borrowers from the harms posed by ISAs. Over the next month, we will release a paper series, authored by legal experts at the forefront of consumer law, exploring how ISAs fit into existing...
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FAQs: Student Loan Repayment During COVID-19
To help provide guidance, here are answers to some frequently asked borrower questions about managing student loans during the coronavirus pandemic and beyond.
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Compounding Benefits of Loan Cancellation
In the dire economy the nation now faces, forgiving anyone’s debt should help to counter economic contraction. And some more recent research suggests that differences in the marginal propensity to consume across different groups may be smaller than previously thought.
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States are Leading the Fight to End the Student Debt Crisis
The SBPC is proud to be part of a growing movement of advocates reaching from coast to coast — consumer groups, grassroots organizers, labor organizations, elected officials, law enforcement, and regulators — who have thoughtfully and tenaciously taken critical steps to stand up for the millions of Americans with student...
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Amid the Coronavirus, Struggling Private Student Loan Borrowers Pause Payments without a Path to Get on Track
The private student loan market is extremely opaque and lacks many of the key reporting requirements present in other areas of consumer finance—in fact, some participants share critical information on borrower outcomes with only their most elite clients. However, indirect sources such as the disclosures from Student Loan Asset Backed...
Learn More The Secret Price of Student Debt Shows Why We Need A Student Debt Stimulus for Everyone
New evidence underscores the importance of broad-based student debt cancellation in reducing the economic drag this debt imposes on American families' financial lives. This is more important than ever if we are trying to get our economy back on track.
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