In the News
“’The enforcement action against ACS is critical because it demonstrates what so many student-loan borrowers, including public servants, are facing when they try to repay their debt,’ said Seth Frotman, the executive director of the Student Loan Borrower Protection Center, an advocacy group. ‘This action demonstrates how countless student-loan borrowers are denied the protections and the benefits that would help alleviate that burden.’”
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“In some ways what happened this year was even more maddening: The top federal student loan watchdog quit in disgust at the government’s coddling of shady private interests like Navient. Seth Frotman, who had been an official at the Consumer Financial Protection Bureau (CFPB), blasted Mick Mulvaney—the Trump acolyte who was just named interim chief of staff (his third gig, in addition to being the president’s budget director and the acting head of the CFPB)—for failing the public by effectively not doing anything as a regulator.”
“‘For more than a decade, dedicated public servants have paid a heavy price for abuse and mismanagement by the student loan industry,’ said Frotman, who resigned in August from a senior position at the Consumer Financial Protection Bureau before joining the nonprofit advocacy group. ‘These failures have ruined student loan borrowers’ lives and can’t be swept under the rug.'”
Today, the SBPC and New Yorkers for Responsible Lending (NYRL) released a new analysis demonstrating the scale of the student debt crisis in New York. This new analysis of government data shows that more than one-in-five New York consumers now owe student loan debt. For the first time, nearly half of all millennials in New York owe money on a student loan.
Today, the SBPC and New Era Colorado released a new analysis demonstrating the scale of the student debt crisis in Colorado. A new analysis of government data shows that more than 1-in-4 middle-aged Coloradans now owe student loan debt. For the first time, nearly half of all young adults in the state owe money on a student loan. This analysis makes a clear and compelling case for Colorado to take action to protect student loan borrowers from illegal student loan industry practices.
Today, the Student Borrower Protection Center (SBPC), Virginia Poverty Law Center (VPLC), Virginia21, and Progress Virginia released new analysis demonstrating the scale of the student debt crisis in Virginia. This new analysis of government data shows that nearly 1-in-6 Virginians now owe student debt. For the first time, more than one million Virginians owe money on a student loan.