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Social Security


  • Press Releases
    Apr 13, 2023

    New Research Finds Majority-Black Neighborhoods in the Center of Atlanta’s Growing Student Debt Crisis

    As millions await decisions on political lawsuits and efforts in Congress threatening the fate of debt relief, Student Borrower Protection Center launches “Student Debt in the South” research series.

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  • News Clips
    Apr 12, 2023

    California bill aims to help students with institutional debt

    Assemblymember Blanca Pacheco introduced a bill that would prohibit California schools from withholding degrees or certificates from students if they owe money.  “With the current enrollment crisis, it is important that we help students with removing barriers in attaining their higher education goals and understand what else we must do to address the student debt crisis, including institutional debt across California,” said Pacheco. She says more than 750,000 low-income current and past students owe more…

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  • Press Releases
    Apr 10, 2023

    CALIFORNIA: Assemblymember Pacheco Joins Coalition to Unveil the “Protecting Students from Creditor Colleges Act” on Institutional Debt

    State bill is aimed at protecting students from so-called “institutional debt,” or the educational barriers and harmful debt collection practices related to debts students owe directly to schools.

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  • Comments
    Apr 3, 2023

    Comment in Response to the CFPB’s Proposal for a Registry of Supervised Nonbanks that Use Terms & Conditions in Form Contracts to Limit Consumers’ Rights and Protections

    SBPC offers comments on the CFPB’s proposal to create a registry of nonbanks that use restrictive terms in form contracts to block borrowers’ rights. SBPC praises the idea against a backdrop of endemic abuse and offers suggestions for how the CFPB could strengthen it.

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  • Blogs
    Apr 3, 2023

    New Analysis Confirms Congressional Efforts to Overturn Payment Pause and Debt Relief Will Wreak Economic Havoc on Tens of Millions of Borrowers

    SBPC conducted a new analysis underscoring the massive benefit that the payment pause has had for borrowers, and the even greater benefits that President Biden’s relief plan would add on top of it.

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  • Comments
    Mar 31, 2023

    Comment in Response to the CFPB’s Proposed Rule for a Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders

    In a comment, the SBPC praises and offers additional suggestions to strengthen the CFPB’s proposal to create a registry of covered nonbanks that are subject to certain federal, state, or local agency orders.

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  • Comments
    Mar 30, 2023

    Comment in Response to the Department of Education’s Dear Colleague Letter Regarding Requirements and Responsibilities for Third-Party Servicers and Institutions

    In a comment, SBPC praises and offers certain recommendations to strengthen ED’s February 2023 letter revising guidance to institutions that contract with third-party servicers to administer any aspect of their participation in the Title IV program.

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  • Blogs
    Mar 23, 2023

    New Data Shows Guaranty Agencies Illegally Took and Failed to Refund Tens of Millions of Dollars From Borrowers After Already Getting Caught Breaking the Law

    SBPC has uncovered new evidence that GAs stole millions of dollars from borrowers and illicitly refused tens of millions of dollars of refunds after already getting caught breaking the law.

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  • Press Releases
    Mar 22, 2023

    FDIC and CFPB Must Take Immediate Action to Halt SoFi’s Latest Lawbreaking Effort to Prey on Customers and Exploit the Banking Crisis

    SBPC Provides Federal Regulators With Evidence of New SoFi Scheme to Sell Fake Financial Product Using FDIC’s Likeness March 22, 2023 | WASHINGTON, D.C. — Moments ago, the Student Borrower Protection Center (SBPC) sent a letter to the Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) demanding immediate action against SoFi Bank (SoFi) to halt a new, egregious, and illegal scheme to cheat consumers and steal business away from honest…

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  • Press Releases
    Mar 21, 2023

    Advocates Commend U.S. Labor Department for Taking Action to Protect Workers from Predatory Employer-Driven Debt

    The U.S. Department of Labor filed its first-ever lawsuit against a company for allegedly using a “stay-or-pay” contract that required employees to pay the employer if they leave their job before the end of a contract.

    More

  • Mar 21, 2023

    How corporations are trapping employees – what we can do to stop them | Opinion

    Opinion piece by By State Reps. Tarik Khan, Sara Innamorato, Donna Bullock and Roni Green.

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  • News Clips
    Mar 21, 2023

    When universities slap their names on for-profit coding boot camps

    “What you have is trusted brand-name schools, from community colleges to state universities, knowing that they have these valuable brands, and literally renting them out to for-profit companies.”—Ben Kaufman, director of research and investigations at the Student Borrower Protection Center

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  • Press Releases
    Mar 20, 2023

    New Investigation Exposes Years-Long Scheme by Private College and Failed Coding Bootcamp to Dupe Regulators and Push Predatory Loans on Low-Income Students

    The SBPC released a new report exposing a back-room deal between the failed for-profit coding bootcamp Make School and the nonprofit college Dominican University that aimed to mislead accreditors, state regulators, and prospective students while getting Make School access to federal student aid dollars.

    More


  • Reports
    Mar 20, 2023

    Selling Out Students: A Case Study in Brand-Name Schools Partnering with For-Profit Scammers to Make a Buck

    This report exposes a scheme by the failed for-profit coding bootcamp Make School, Inc. and the private non-profit college Dominican University to drive hundreds of largely low-income students to each take on thousands of dollars of predatory private student loans and, for some, federal student loans.

    More


  • News Clips
    Mar 16, 2023

    Student-loan companies illegally collecting on debt discharged in bankruptcy, consumer watchdog says

    “The CFPB has said very clearly now these loans are not collectable,” said Mike Pierce the executive director of the Student Borrower Protection Center, an advocacy group that’s looked closely at this issue. “You can not collect on them, if you do, you are breaking the law.”

    More


  • Press Releases
    Mar 16, 2023

    CFPB Moves to Quash Decades-Long Industry Scheme to Rob Borrowers of Bankruptcy Rights

    CFPB releases bulletin demanding student loan servicers halt and return unlawful debt collection on loans discharged through bankruptcy.

    More


  • Comments
    Mar 16, 2023

    Comment to the Department of Education Regarding the Incentive Compensation Ban and Bundled Services

    In a comment, SBPC outlines the various failures and harms that stem from ED’s “bundled services” loophole, and calls for its immediate recission.

    More


  • Blogs
    Mar 9, 2023

    Virginia’s Leading Work to Expose Institutional Debts Reveals Massive, Disparately Distributed Burdens

    A report from Virginia’s Secretary of Education points to a massive and growing institutional debt burden disproportionately harming many of the state’s most historically marginalized students.

    More


  • News Clips
    Mar 7, 2023

    Is The Student Loan Pause Now In Jeopardy? New Legal Challenge Seeks To Stop It

    Leading advocacy organizations for student loan borrowers had harsh words for SoFi. Criticizing SoFi’s CEO as “a financial vulture gorging himself on our bloated and broken student loan system,” Student Borrower Protection Center’s Executive Director Mike Pierce said in a statement that, “The real story here is the huge risk this poses to tens of millions of working people who SoFi would never lend to—families across the country that depend on the student…

    More


  • News Clips
    Mar 7, 2023

    SoFi Bank sues to block Biden’s student loan payment pause

    Ella Azoulay [Research & Policy Analyst, Student Borrower Protection Center], a 26-year-old who lives in Washington, visited the rally to join the push for debt relief, which she calls a “family issue.” A 2018 graduate of New York University, Azoulay has $40,000 in student debt, while her dad has more than $400,000 taken out on behalf of her and her two siblings. “I can’t really think about my future without thinking about this…

    More

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