All across the country, borrowers are struggling under the weight of student debt. To add insult to injury, predatory practices run rampant as the student loan industry looks to make a quick buck off the plight of borrowers. Student loan companies have cheated millions of people out of their rights and tacked on billions of dollars in extra debt along the way. Yet, millions of borrowers live in states that have not yet taken action to oversee and crack down on abuses by predatory student loan companies.
We can change this.
The first step to fighting back is knowing the facts.
Click on your state to see the impact of student debt.
States are leading the charge in the fight to end the student debt crisis by passing legislation that provides state-level protections for student loan borrowers and pushes back against predatory actors.
Several states across the country have a Student Loan Ombudsperson or Student Loan Advocate. These state officials are dedicated resources committed to providing information that is critical to many student loan borrowers.
Since the SBPC launched, over a dozen states have passed laws to create new protections for nearly 18 million student loan borrowers.
But there is more work to be done.
Our States for Student Borrower Protection project provides support to advocates and policymakers working to protect borrowers by equipping them with the facts necessary to level the playing field.
Take a look at some of the latest ways states, territories, and tribal governments are stepping up to protect borrowers:
SBPC in the States—Updates:
In an issue brief, the SBPC outlines the various tools that state lawmakers and regulators are using to protect borrowers and fill a consumer protection void and how these efforts are continuing even with greater federal partnership.
In a report, Claire Johnson Raba, a SBPC fellow and clinical teaching fellow at the University of California Irvine School of Law’s Consumer Law Clinic, shows the effect of predatory private student loan collection practices on borrowers in California.
In a report, the SBPC, Young Invincibles, Community Service Society of New York, and New Yorkers for Responsible Lending show how private student loan collection practices are harming borrowers across the country, including a spotlight on New York borrowers.
As states step up and expand their efforts to protect borrowers, the SBPC is bringing new tools, resources, and ideas to this fight. We are excited to be working with states, territories, and tribal governments to build on this momentum.
Borrowers in courtrooms across the country are being sued for faulty or unsubstantiated private student loan debt. We partnered with the MD Consumer Rights Coalition, AFT-MD, and SEIU Local 500 to release new analysis showing how these private student loan collection practices are harming borrowers across the country—and hitting borrowers in Maryland particularly hard.
A state-by-state snapshot of statistics on student debt. This data should be front and center as as policymakers consider action to protect Americans from the economic effects of the coronavirus pandemic.