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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The report, written by SBPC fellow Brian Shearer, builds a case for how states can oversee the nonbank companies at the center of the $1.6 trillion student loan market. The report also offers a path forward for states to oversee other critical nonbank financial institutions that play large roles in...
Learn More Before the ink had dried on 30 million Americans’ layoff notices, companies peddling “income share agreements” (ISAs) were already trotting out crafty PR pitches, misleading marketing materials, and new predatory programs aimed at exploiting this crisis.
Learn More If you have had your wages garnished to repay a federal student loan, we want to hear from you. We know that borrowers across the country have had their wages illegally seized by Education Secretary Betsy DeVos. That’s why we have partnered with Student Defense and National Consumer Law Center...
Learn More Today, the SBPC released a new report examining the private student loan market. The report offers a snapshot of recent trends and borrower outcomes in the space, indicating a critical need for more rigorous borrower protection at the federal, state, and local level.
Learn More Today, the SBPC released a comprehensive analysis showing a growing cause for concern within the private student loan market. The report finds that the rapidly growing private student loan market is putting the most vulnerable borrowers at risk. Even before the current coronavirus-fueled crisis, these borrowers struggled to get help...
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As Americans face unprecedented economic and financial pressure, having wages seized can mean the difference between having enough money to pay rent or to put food on the table.
Learn More For three years, the Consumer Financial Protection Bureau (CFPB) has failed to execute its job of protecting hundreds of millions of American consumers. The repercussions of this failure are vast, and they are painfully visible in the ongoing crisis in the student loan market and its effects on the most...
Learn More On March 25, 2020, the Trump administration announced that it would end wage garnishment for student loan borrowers, going back to March 13 and extending for at least 60 days. However, this process is not simple.
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As the world grapples with the fallout of the coronavirus pandemic, student loan companies cannot be allowed to continue making billions on the plight of student loan borrowers. And yet, even for many borrowers of federal student loans, this is precisely what the CARES Act will permit.
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