Press Releases

The SBPC and NCLC released the following statements in response to press reports that ED is weighing but has not yet taken steps to protect millions of federal student loan borrowers from the harsh consequences of default.

The U.S. Department of Education and American Federation of Teachers announced an historic settlement building on the recently-announced overhaul of the struggling Public Service Loan Forgiveness program. In response to this announcement, Student Borrower Protection Center Executive Director Seth Frotman released the following statement.

The Department of Education announced steps to overhaul the notoriously troubled Public Service Loan Forgiveness program. In response to this announcement, Student Borrower Protection Center Executive Director Seth Frotman released the following statement.

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.

Today, the Consumer Financial Protection Bureau announced an enforcement action against a private student lender offering a risky kind of financial product known as an income share agreement (ISA), alleging that the company, Better Future Forward, Inc. was misleading consumers.

Today, the U.S. Department of Education rolled back a Trump Administration directive issued by former Education Secretary Betsy DeVos that attempted to block state governments and individual student loan borrowers from seeking justice when student loan companies break the law.

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.