News Clips

News Clips

Jul 28, 2021

For-Profit Colleges Target Minority Areas Across America, Study Argues

The Student Borrower Protection Center (SBPC) analyzed where for-profit postsecondary institutions located themselves and found patterns suggesting that for-profit schools target neighborhoods composed mostly of people of color.

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Jul 13, 2021

California Has a New ‘Student Loan Bill of Rights.’ Here’s How it Will Help Borrowers

Those borrowers now have more rights under a law that went into effect this year and gained teeth this month with a new ombudsman’s office empowered to review complaints about student loan providers.

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Jul 12, 2021

Can Banks Allay Concerns About Emerging Student Loan Product?

In April, consumer groups led by the Student Borrower Protection Center urged the Office of the Comptroller of the Currency to scrutinize the first-of-its-kind arrangement between Blue Ridge Bank of Martinsville in Virginia and MentorWorks Education Capital. The bank funds financing packages developed by MentorWorks, a fintech firm, which students repay with a portion their income after entering the workforce.

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Jul 12, 2021

One of the Nation’s Biggest Student Loan Servicers is Pulling Out. Where Does that Leave Borrowers?

Seth Frotman, executive director of the Student Borrower Protection Center, said that as payment processing is ramped back up, all borrowers, regardless of their servicer, need to take steps to protect themselves. “Requesting a copy of their payment history, downloading whatever they can from their account, and making sure that their contact information is up to date,” Frotman said.

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Jul 9, 2021

Student-loan Giant That Manages Public Service Loan Forgiveness Will Stop Servicing Federal Loans

The controversial organization that for years has been public servants’ main point of contact in accessing student-loan forgiveness will no longer be servicing federal student loans at the end of this year.

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Jul 8, 2021

FedLoan, a Handler of Millions of Federal Student Loans, Won’t Renew its Contract

The pause on payments and interest could expire in less than three months — as soon as Sept. 30. The millions of borrowers whose loans are overseen by FedLoan, including those in the Public Service Loan Forgiveness program, will have to be moved to a new servicer at the same time the machinery of payment processing is getting back up to speed.

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Jul 1, 2021

Some Democrats Push Biden to Extend Student Loan Payment Pause

“More time is essential to ensure that 40 million people aren’t thrown back into chaos and a really broken system,” Student Borrower Protection Center Executive Director Seth Frotman said. The center is a nonprofit focused on alleviating student debt.

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Jul 1, 2021

For-Profit Coding School Sued Over Allegedly ‘Predatory’ Student Contracts

Students attending the San Francisco-based online school from 2016 to 2018 took out ISAs from Make School and ISA provider Vemo Education. The ISAs involved Make School and Vemo providing funding to cover the cost of attendance in exchange for students paying a portion of their post-graduation salary.

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Jun 30, 2021

Borrowers With Student Debt ‘Regularly’ Got Wrong Information from Servicers, CFPB Finds

President Joe Biden’s Education Department has begun the process of reforming the student-loan system. But new findings from an agency within his administration stressed the dire need to implement reforms.

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Jun 30, 2021

Government Report Details ‘Widespread, Illegal Scheme’ by Student Loan Servicers

A consumer advocate called for immediate action after a Consumer Financial Protection Bureau report this week flagged legal violations by student loan servicers that administer the Public Service Loan Forgiveness (PSLF) program.

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