Media & Events
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 vulnerable consumers.
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Decision to halt lawsuits follows SBPC’s calls for action and scrutiny of industry debt collection tactics.
California’s actions to hold PHEAA accountable for handling of federal TEACH grant comes amid an unprecedented campaign by the Trump Administration to block oversight by state regulators.
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.
Today the Student Borrower Protection Center (SBPC) and Americans for Financial Reform (AFR) sent letters to one dozen large private student lenders urging the companies to take steps to mitigate borrower harm caused by the economic fallout of the coronavirus.
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.
Today Student Borrower Protection Center Executive Director and former CFPB Student Loan Ombudsman Seth Frotman issued the following statement on how the CARES Act fails to deliver critical relief for student loan borrowers.
On February 21, 2020, legal scholars and advocates from around the country gathered at the campus of UCI School of Law for the first ever law review symposium dedicated exclusively to the question of student loan law.
Today we are releasing a snapshot of state-by-state statistics on student loan debt. This data should be front and center as policymakers consider actions to protect Americans from the economic effects of the global coronavirus pandemic.
Student loan companies were woefully unprepared to help borrowers grapple with the coronavirus long before tens of millions of borrowers were told they would need to contact their student loan servicer to secure payment relief. As borrowers in distress seek help over the coming days and weeks, the student loan system, including the large private-sector financial services firms at its center, is clearly not up to the task.