Press

There are about 1.3 million people pursuing Public Service Loan Forgiveness, a program that cancels federal student debt after 10 years of on-time payments for people who take public-sector jobs. But just 1 in 5 of those borrowers are on track to secure relief by 2026, according to an analysis released...

America's top consumer finance watchdog is taking action against an alternative education finance provider advised by an Obama-era Education Department official for allegedly misleading students about income-share agreements.

That’s one conclusion from Department of Education data published Thursday by the Student Borrower Protection Center. The data, released to the nonprofit advocacy group through a Freedom of Information Act request, also indicate that borrowers are owed more than $37 million in wages seized between March 2020 and June 2021...

Frotman spoke to The Associated Press about the Biden administration's decision to extend the student loan repayment moratorium and other issues facing the $1.5 trillion industry.

The SBPC, which advocates for borrowers’ rights, released a report in July showing for-profit colleges disproportionately established themselves in minority communities and engaged in predatory practices leaving students in significant debt.

Over the past decade, a number of for-profit schools have shut down over accusations of misleading students and leading them to take on more debt than they can pay off. A recent report found those schools target minority communities that were already disproportionately burdened by student debt.

Before the pandemic, our nation was in the midst of a $1.7 trillion student debt crisis with more than 1-in-4 borrowers already struggling. The Biden Administration has five short months to repair this badly broken system.

 Today, the California Department of Financial Protection and Innovation (DFPI) announced a landmark consent order with New York-based Meratas, Inc., a company that partners with educational institutions to offer students Income Share Agreements or ISAs to finance post-secondary education and training.

State authorities in California struck a deal with a fintech firm to treat a controversial finance product known as income-share agreements as student loans, requiring compliance with the state’s student borrower protection laws.

. The report plots the location of for-profit schools in cities across the Midwest, showing how these institutions often cluster in certain areas to exploit borrowers of color by offering programs of dubious value financed by expensive and hard to repay student debt. Further, new data analysis reveals that, at...