while policymakers strengthened consumer protections for most credit products in the wake of the financial crisis, the rights of student loan borrowers continue to lag far behind. At every step of the lending and repayment process, 44.7 million American student loan borrowers still lack the same basic rights enjoyed by...
Learn More The student loan industry has repeatedly demonstrated that it is unable to do business in a fair and honest manner, these cases also reveal how the absence of enforceable, industry-specific standards for common practices has left borrowers’ vulnerable to a staggering range of abuses.
Learn More Setting the Record Straight: ED’s Failures in Student Borrower Protection By Ben Kaufman | November 26, 2019 In October, the Department of Education (ED) and its Secretary, Betsy DeVos were held in contempt and fined $100,000 for violating a court order preventing them from illegally collecting on defrauded students’ debts....
Learn More DeVos and Navient are losing this fight in court. Navient is being sued by the Consumer Financial Protection Bureau and the States of Illinois, Washington, Pennsylvania, California, and Mississippi for illegal servicing practices.
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Recently, lawmakers have been raising the pressure on the CFPB to fight for student loan borrowers, calling on Director Kraninger to get to work. Below is a recap of lawmakers' recent exchanges with Director Kraninger around the Bureau's failure to stand up for student loan borrowers and the need for...
Learn More What Betsy DeVos’s Brush with the Law Reveals About Our Broken Student Loan System By Mike Pierce | October 24, 2019 Earlier this month, a federal judge in California held a hearing to consider whether Education Secretary Betsy DeVos should be held in contempt of court. At issue: student loan...
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Students also look at the total cost of the program and determine whether they qualify for financial aid and student loans. In doing their homework, students generally trust the information they get from these schools or programs because they assume some government agency is making sure schools tell the truth....
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Supporting States in the Fight to Protect Borrowers By Walter Suskind | September 23, 2019 States are on the front lines of the student debt crisis. State legislators and policymakers are among the first to hear stories of struggling borrowers, learn about industry abuses, and spot problems and trends in...
Learn More Yesterday, over the objections of Navient’s attorneys, a federal judge unsealed a trove of new documents revealing a years-long, coordinated effort by company executives to cheat student loan borrowers out of their rights.
Learn More Today, a coalition of national and local non-profit organizations joined together in filing an amicus curie brief in support of the Pennsylvania Attorney General’s Office versus large student loan servicing company Navient.
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