In January 2020, the Federal Reserve Bank of Richmond released a report focused on student loan debt in Washington, DC. The study examined student loan debt trends for adults over the age of 25 throughout the city.
The San Francisco Treasurer’s Office of Financial Empowerment, in partnership with the Federal Reserve Bank of San Francisco, released a report on student loan debt in the San Francisco Bay Area. The report found wide variance in borrowing and loan balances, and considerably higher delinquency and default in low-income communities and communities of color.
The New York City Department of Consumer Affairs (DCA), in partnership with the Federal Reserve Bank of New York, released a report on disparities in student loan distress across New York City neighborhoods. The report found wide variances in delinquency rates across the city’s boroughs.
The New York City Department of Consumer Affairs (DCA) released a follow-up report to its 2017 report on borrower distress across New York City. The report explored the effects of student loan debt on borrowers’ financial well-being with a focus on New York City neighborhoods with higher rates of borrower distress. DCA examined a series of predictive factors for default, including: completion, attendance, school type, student status, income, and race/ethnicity.
In response to a data request from Senator Cory Booker, the Federal Reserve Bank of New York examined default rates in the country. The data highlights significant gaps in debt burdens between majority-white and majority-minority zip codes in ten of the nation’s most segregated cities.
Seth Frotman, Executive Director of the SBPC, delivered remarks at the Federal Reserve Bank of San Francisco in April 2019. In his remarks, Seth speaks to the devastating effects of student loans in cities across the country, and the importance of systemic reform to protect borrowers.
The SBPC has worked with the Office of the Attorney General for Washington, DC to host student loan repayment clinics for hundreds of District staff. Additionally, in response to COVID-19, the SBPC also partnered with AG Karl Racine to host a webinar on student loan repayment during the coronavirus pandemic.
In 2018, the New York City Department of Consumer Affairs (DCA) filed a lawsuit against for-profit institution Berkeley College. The suit alleged numerous violations and wide-ranging consumer harm, and seeks to end Berkeley’s unlawful practices and restore any illegal profits back to consumers.