Category: Uncategorized

Statement by SBPC Executive Director Seth Frotman on New Evidence Revealing Navient Executives’ Plot to Cheat Borrowers

Newly unsealed court documents reveal executives at the nation’s largest student loan company orchestrated a predatory scheme to place borrowers in high-cost repayment options to boost corporate profits. Reliance on these high-cost options, known as “forbearances,” resulted in more than $4 billion in unnecessary interest charges passed on to borrowers, according to lawsuits filed by federal and state enforcement officials.

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CPAs: Action From Congress Needed To Help Reduce Student-debt Load

State professional association says indebted clients are putting off saving for retirement and buying a home.

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Advocates File Amicus Brief to Defend Students Against Navient Corporation

New Jersey Citizen Action, The Center for Responsible Lending, the Student Borrower Protection Center the Pennsylvania Senior Law Center and the Lawyers’ Committee for Civil Rights Under Law filed an amicus brief in support of Pennsylvania’s lawsuit against Navient.

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Supporting States in the Fight to Protect Borrowers

A coalition of national and local non-profit organizations joined together in filing an amicus curie brief in support of the Pennsylvania Attorney General’s Office versus large student loan servicing company Navient.

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Trump Administration’s Selection of Industry Insider for Nation’s Student Loan Watchdog Heightens Urgency to Pass AB 376 to Protect California Student Loan Borrowers

Trump Administration’s Selection of Industry Insider for Nation’s Student Loan Watchdog Heightens Urgency to Pass AB 376 to Protect California Student Loan Borrowers Recent Revolving-Door Hire is Further Proof Washington is Failing to Stand up for Borrowers The Trump Administration’s appointment on Friday of a student loan industry executive to serve as the nation’s top […]

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Statement from SBPC Executive Director Seth Frotman on Appointment of Industry Executive to Top Student Loan Watchdog Job

Student Borrower Protection Center Executive Director and former CFPB student loan ombudsman Seth Frotman released the following statement on today’s announcement by the Bureau that student loan industry executive Robert G. Cameron will serve as the Bureau’s student loan ombudsman.

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Statement from SBPC Executive Director Seth Frotman on the Congressional Inquiry into Trump Administration Obstruction and Industry Abuses

Student Borrower Protection Center Executive Director and former CFPB Student Loan Ombudsman Seth Frotman issued a statement on the congressional inquiry announced into the Trump Administration’s failure to protect student loan borrowers, including potential obstruction of justice by senior Trump Administration officials and abuses by the student loan servicing industry.

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Nation’s Top Student Loan Watchdog Post Remains Vacant 150 Days After CFPB Director Promised to “Quickly” Fill the Role

Tomorrow marks one hundred fifty days since Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger committed to quickly filling the nation’s top student loan watchdog position—a role that has been vacant for almost a year. As student debt nears $1.6 trillion and predatory practices plague the market, the Student Borrower Protection Center (SBPC) and Americans for Financial Reform Education Fund (AFREF) are releasing a roundup of failures by the current CFPB Director to…

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R.I. Student Loan Bill of Rights created

Rhode Island now has a Student Loan Bill of Rights that sets standards for student loan servicing, prohibits predatory behavior and provides guidelines for protecting consumers’ rights.

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Educational Redlining? The use of education data in underwriting could leave HBCU and MSI graduates in the dark

Tomorrow, the House Financial Services Committee’s Fintech Task Force is holding a hearing on the use of alternative data to expand access to credit. It is critical that the Committee examine what I believe is a dangerous and discriminatory trend—the use of education data for determining creditworthiness under the guise of “innovation.”

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