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  1. Media & Events
  2. News Clips

News Clips


  • News Clips
    Oct 4, 2020

    Consumer advocates applaud designation of Student Loan Ombudsman for New Jersey

    Consumer advocates applauded the Murphy administration and the New Jersey Department of Banking and Insurance (DOBI) for designating a Student Loan Ombudsman to assist student loan borrowers and help resolve disputes with student loan servicers.

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  • News Clips
    Oct 3, 2020

    FedLoan’s board needs student advocates, finance experts, Pa. auditor say in new PHEAA report

    Auditor General Eugene DePasquale says Pennsylvania’s student loan servicing agency stands out for more than its size: Sixteen of its 20 board members are state legislators, ranking it among the most politician-heavy public boards in the nation, and it is lacking in outside financial experts.

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  • News Clips
    Oct 2, 2020

    PA Auditor General Calls For An Independent Student Loan Advocate

    Pennsylvania lawmakers should create an independent student loan advocate to help educate consumers and push for higher education reforms in the Keystone State, the state auditor proposed Thursday as he unveiled a set of three recommendations.

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  • News Clips
    Aug 31, 2020

    Column: Too many students can’t shed crushing debt

    But one thing hasn’t changed. Ohio law still requires public colleges and universities across the state to turn student debt over to the Ohio attorney general’s office for collection. By the time I found out about this, my debt to OU had grown dramatically and now fees and fines have almost doubled it to just over $18,000. It’s not uncommon for debt being collected through the AG to grow even more exponentially, according…

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  • News Clips
    Aug 28, 2020

    PayPal cracks down on for-profit ‘schools’ misrepresenting PayPal Credit

    “We have already begun taking action against some of the entities mentioned in the letter that have been found to be using inaccurate or misleading messaging/characterization of our products,” PayPal spokesperson Joe Gallo stated, referring to the letter sent last week from the Student Borrower Protection Center (SBPC), Americans for Financial Reform, Student Debt Crisis and Allied Progress to PayPal CEO Daniel Schulman.

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  • News Clips
    Aug 27, 2020

    50 Organizations Call For Student Loan “Bill Of Rights”

    “Even before the current COVID-19 pandemic, student loan borrowers struggled with a predatory student loan servicing industry that knowingly misleads borrowers to increase its profits,” the coalition of organizations wrote in a letter to the Massachusetts state legislature. “With the increased financial instability brought by the present pandemic-induced economic crisis, it is more important than ever that borrowers know their rights, [and] are protected by strong consumer guidelines… In tumultuous times, taking action…

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  • News Clips
    Aug 22, 2020

    Consumer Groups Take PayPal to Task Over Student Loan Credit Line

    “All of these facets create a very questionable and predatory financing product,” said Seth Frotman, executive director of the Student Borrower Protection Center, a nonprofit advocacy group started by former members of the federal Consumer Financial Protection Bureau staff. The credit line illustrates an increasing use of “shadow” student loan debt, he said — funds borrowed for education outside traditional student lending options.

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  • News Clips
    Aug 18, 2020

    Ruiz Bill to Curb Forced Arbitration in Educational Enrollment Contracts Clears Committee

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  • News Clips
    Jul 31, 2020

    Senate Democrats raise concerns about educational redlining in student lending

    To that end, Democrats are citing a recent study by the Student Borrower Protection Center that analyzed the educational data from Upstart. Researchers searched Upstart for rates for applicants with identical credit profiles across a range of higher-education sectors, including Hispanic-serving institutions and historically black colleges and universities.

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  • News Clips
    Jun 29, 2020

    Student debt crisis creates a ‘vicious cycle’ of inequality in Black, Latino neighborhoods, report finds

    The report by the Student Borrower Protection Center, a consumer advocacy group, analyzed previous borrower data prepared by regional Federal Reserve banks and the city governments of New York City, Washington, D.C., Philadelphia and San Francisco and found a commonality that students in majority Black and Latino neighborhoods are more reliant on student loans and shoulder a greater debt burden.

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