Press Releases

Press Releases

May 6, 2024

Advocates Applaud CFPB For Taking Action Against Private Student Loan Trusts and Servicer Abuses and For Putting Money Back in the Hands of Borrowers

The CFPB action is an important reminder that private student loan borrowers are also plagued by predatory companies seeking to profit at their expense.

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Press Releases

Apr 29, 2024

Advocates Applaud ED’s Announcement to Protect Borrowers by Removing More than One Million Borrowers from MOHELA After it Admits Its Inability to Properly Service Borrowers After Tripling Loan Volume

Advocates urge administration to build on this progress and provide debt relief to borrowers due to servicing failures.

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Press Releases

Apr 26, 2024

Advocates React to Departure of Richard Cordray as Head of the Office of Federal Student Aid

Cordray helped deliver debt relief to millions of people; Next FSA chief must prioritize consumer protection and hold private contractors accountable.

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Press Releases

Apr 25, 2024

Scholars Discuss and Release New Research on the Broad and Transformative Impact of Student Debt Cancellation and Payment Pause on Borrowers’ Lives

SBPC and SLLI host a virtual event featuring new research on the impact of student debt relief and borrowers’ experiences with the PSLF program.

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Press Releases

Apr 24, 2024

California DFPI Consent Order With MOHELA is Model for State Role in Protecting Student Loan Borrowers from Failing Servicing Companies

Consent order is an affirmation of states authority to supervise the private companies that service student loans.

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Press Releases

Apr 24, 2024

Advocates Condemn U.S. Chamber of Commerce-Led Lawsuit to Block Biden Administration’s Landmark Effort to Ban Non-Competes

Lawsuits look to right-wing judges to overturn final rule, which frees millions from coercive contracts like Training Repayment Agreement Provisions (Traps) and is expected to generate more than $400 billion in increased wages.

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Press Releases

Apr 23, 2024

Advocates Applaud the Federal Trade Commission’s Ban on TRAPs and Stay-or-Pay Contracts that Function as Non-Competes

The FTC’s decision to ban de facto non-competes, like stay-or-pay contracts and TRAPs, will empower millions of workers.

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Press Releases

Apr 17, 2024

CFPB Halts Silicon Valley Predatory Student Lending Scheme, Bans Disgraced Tech Founder from Student Loan Industry

Austen Allred, pioneering “Income Share Agreement” loan shark and founder of for-profit coding bootcamp BloomTech (formerly “Lambda School”) is named in federal enforcement action; company and founder must cancel debt owed by some current and former students.

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Press Releases

Apr 16, 2024

Incarcerated Borrowers Finally Able to Consolidate Student Loans Following 32-Year Ban

Biden Administration announces revised guidance, overturning a 32-year-old policy prohibiting incarcerated student loan borrowers from consolidating their student loans.

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Press Releases

Apr 16, 2024

Biden Administration Announces Public Comment Period for Proposed “Plan B” Debt Relief Plan, Marking Critical Step Forward Toward Sweeping Relief

Proposal addressing hardship posed by student debt is expected to follow.

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