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  1. Media & Events
  2. Press Releases

Press Releases


  • Press Releases
    Aug 6, 2021

    SBPC Statement on the Extension of the Student Loan Payment Pause

    Before the pandemic, our nation was in the midst of a $1.7 trillion student debt crisis with more than 1-in-4 borrowers already struggling. The Biden Administration has five short months to repair this badly broken system.

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  • Press Releases
    Aug 6, 2021

    SBPC Statement on California DFPI Consent Order with Income Share Agreements Servicer Meratas

     Today, the California Department of Financial Protection and Innovation (DFPI) announced a landmark consent order with New York-based Meratas, Inc., a company that partners with educational institutions to offer students Income Share Agreements or ISAs to finance post-secondary education and training.

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  • Press Releases
    Jul 28, 2021

    New Report Finds For-Profit Schools Targeting Black and Latino Communities

    . The report plots the location of for-profit schools in cities across the Midwest, showing how these institutions often cluster in certain areas to exploit borrowers of color by offering programs of dubious value financed by expensive and hard to repay student debt. Further, new data analysis reveals that, at the national level, for-profit schools are roughly twice as likely to set up in majority Latino or majority Black zip codes as compared…

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  • Press Releases
    Jul 23, 2021

    SBPC Statement on Department of Education Inquiry into the Public Service Loan Forgiveness Program

    Today, the U.S. Department of Education launched a public inquiry into the broken Public Service Loan Forgiveness Program. In response, SBPC Executive Director Seth Frotman released the following statement.

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  • Press Releases
    Jul 8, 2021

    SBPC Statement on PHEAA Terminating Role as Top Federal Student Loan Servicer

    Today, the student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), also known as FedLoan Servicing, announced that it would no longer continue to serve as the top loan servicer for the U.S. Department of Education.

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  • Press Releases
    Jul 1, 2021

    Income Share Agreement Provider, For-Profit School Operator Sued by Dozens of Former Students for Illegal Lending and Deceptive Practices

    A group of 47 former students announced a groundbreaking lawsuit against Make School, Inc., a venture capital-backed operator of a for-profit coding academy, and Vemo Education, Inc., the largest provider of a risky kind of private student loan known as an Income Share Agreement.

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  • Press Releases
    Jun 29, 2021

    Statement on Illegal Student Loan Industry Practices Plaguing Public Service Loan Forgiveness Revealed in New CFPB Report

    The CFPB, as part of its ongoing examination of student loan servicers, identified illegal practices that blocked access to Public Service Loan Forgiveness for public service workers with older federal loans made by banks and other private lenders. In response to this new evidence of widespread mismanagement and abuse in the scandal-plagued program.

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  • Press Releases
    Jun 24, 2021

    Advocates Call on President Biden to Fix the Broken Student Loan System Before Restarting Student Loan Payments

    More than 125 organizations called on President Biden to fix the broken student loan system and deliver promised student debt relief before tens of millions of borrowers are forced to resume making payments. Due to an executive action taken on inauguration day, student loan payments, interest charges, and debt collection are currently suspended through the end of September.

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  • Press Releases
    Jun 11, 2021

    New Report Finds Public Universities are Driving Students Toward Risky Private Student Loans

    Public colleges and universities nationwide are driving students toward expensive, predatory student debt according to a new report issued today by the Student Borrower Protection Center.

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  • Press Releases
    May 3, 2021

    Statement on Richard Cordray Being Appointed to Lead Department of Education’s Office of Federal Student Aid

    Student Borrower Protection Center Executive Director Seth Frotman released the following statement in response to today’s announcement that former CFPB Director Richard Cordray has been chosen to lead the Department of Education’s Office of Federal Student Aid:

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