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In the dire economy the nation now faces, forgiving anyone’s debt should help to counter economic contraction. And some more recent research suggests that differences in the marginal propensity to consume across different groups may be smaller than previously thought.

The SBPC is proud to be part of a growing movement of advocates reaching from coast to coast — consumer groups, grassroots organizers, labor organizations, elected officials, law enforcement, and regulators — who have thoughtfully and tenaciously taken critical steps to stand up for the millions of Americans with student loan debt.

The report, written by SBPC fellow Brian Shearer, builds a case for how states can oversee the nonbank companies at the center of the $1.6 trillion student loan market. The report also offers a path forward for states to oversee other critical nonbank financial institutions that play large roles in our consumer financial markets.