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The changes will come in two phases — a long-term renovation to make the program easier to navigate, achieved through the federal process known as rulemaking, and a temporary move using the department's executive authority to retroactively relax the program's rules to immediately help thousands of affected borrowers.

Today, the U.S. Senate voted to confirm current FTC Commissioner Rohit Chopra to be the next Director of the CFPB. In response, SBPC Executive Director Seth Frotman issued the following statement.

In response to this announcement, SBPC Executive Director and former top student loan industry watchdog at the Consumer Financial Protection Bureau Seth Frotman released the following statement.

More than 200 organizations representing millions of public service workers from all corners of the country called on President Biden to fix the broken PSLF program and deliver promised student debt relief to borrowers.

The disclosure suggests further bureaucratic problems with the management of the Public Service Loan Forgiveness program, which has come under fire from Democrats in recent years for rejecting more than 98 percent of all borrowers who applied.

That promise fell apart over several weeks in July when the entire school seemingly unraveled: Make School was sued for allegedly selling predatory educational financing products to its early students, the school’s accreditation application was denied, financial backers apparently backed out, and students were absorbed by a separate school.

ISAs offer tuition money in exchange for some of a student's future income. While many see the product as a progressive alternative to traditional student loans, consumer advocates say some have avoided regulatory scrutiny by claiming ISAs are not credit.

While Mr. Biden has so far fended off calls for the kind of blanket debt cancellation that is a top priority of many progressive lawmakers, a parade of relatively modest eligibility and relief enhancements adds up to a significant expansion of support for beleaguered borrowers. And more may be coming: The...

After the news broke, the Student Borrower Protection Center wrote to the U.S. Department of Education, calling for it to address “ongoing violations” of laws and regulations related to ISAs, including loan co-branding by colleges with ISA providers.

When analyzing what those projections mean for future enrollment in the program, the report estimated that over 2.2 million borrowers will likely have declared their intent to pursue PSLF by 2026, meaning that only one in eight borrowers will obtain relief by that time.