Social Security

Blogs

Feb 28, 2022

A Predatory School is Dragging 290 Defrauded Students into Court in the Latest Example of the Exploitative State of the Income Share Agreement Market

It is long past due for policymakers, regulators, law enforcement, and Congress to hold ISA providers and the bootcamps that rely on them accountable, and to protect borrowers from these predatory shams.

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Press Releases

Feb 28, 2022

New Poll: As Joe Biden Addresses the Nation, Voters of Color Overwhelmingly Support Action to Cancel Student Debt, Extend Pause on Student Loan Payments

A new SBPC-Data for Progress poll reveals that more than 6-in-10 likely voters support extending President Biden’s pause on student loan payments, including 70 percent of Black likely voters and 76 percent of Latino and Latina likely voters.

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Polling

Feb 28, 2022

Poll: New Poll: As Joe Biden Addresses the Nation, Voters of Color Overwhelmingly Support Action to Cancel Student Debt, Extend Pause on Student Loan Payments

This SBPC-Data for Progress poll reveals that more than 6-in-10 likely voters support extending President Biden’s pause on student loan payments, including 70 percent of Black likely voters and 76 percent of Latino and Latina likely voters.

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Blogs

Feb 22, 2022

The End of the Payment Pause is a Civil Rights Issue

As advocates continue to push the Biden Administration to extend the pause on student loan payments, it is crucial that we recognize how ending the payment pause will uniquely impact Black and Latino borrowers.

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Letters & Memos

Feb 18, 2022

One Door Closes & Others Remain: Institutional Loans and the 90/10 Formula

In connection with the second session of ED’s negotiated rulemaking on the 90/10 rule and Institutional and Programmatic Eligibility, the Center for Responsible Lending, and the SBPC sent a memo to ED warning about the risks of counting institutional loans a revenue.

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Press Releases

Feb 14, 2022

New Poll: More than 6-in-10 Voters Want Biden to Cancel Student Debt

SBPC and Data for Progress released a new tracking poll revealing that 63 percent of likely voters support action by the federal government to cancel some or all student debt for all borrowers.

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Polling

Feb 14, 2022

Poll: More than 6-in-10 Voters Want Biden to Cancel Student Debt

SBPC and Data for Progress released a new tracking poll revealing that 63 percent of likely voters support action by the federal government to cancel some or all student debt for all borrowers.

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Press Releases

Feb 10, 2022

New Poll: As Inflation Soars, Large Bipartisan Majority Supports President Biden’s Pause on Student Loan Payments

SBPC and Data for Progress released a new poll revealing that 69 percent of likely voters support President Biden’s continued pause on student loan payments, including majorities of Democrats, Republicans, and Independents.

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Polling

Feb 10, 2022

New Poll: As Inflation Soars, Large Bipartisan Majority Supports President Biden’s Pause on Student Loan Payments

SBPC and Data for Progress released a new poll revealing that 69 percent of likely voters support President Biden’s continued pause on student loan payments, including majorities of Democrats, Republicans, and Independents.

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Press Releases

Feb 9, 2022

The System is Broken: 100+ Organizations Urge Biden Administration to Aid Millions of Student Loan Borrowers with Overdue Income-Driven Repayment (IDR) Reforms

Today, a group of 104 diverse advocacy organizations, including American Federation of Teachers (AFT), National Education Association (NEA) and UnidosUS, sent a letter to the Biden administration, calling on U.S. Secretary of Education Miguel Cardona to reform broken, dysfunctional income-driven repayment (IDR) programs with the creation of an IDR restoration project or waiver.

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Blogs

Jan 25, 2022

Navient’s Settlement Shows Why the Biden Administration Must Take Bold Action to Fix Income-Driven Repayment

By Claire Torchiana | January 25, 2022 Earlier this month, a bipartisan group of 39 state attorneys general settled lawsuits and investigations against Navient, one of the nation’s largest student loan lenders and servicers. The settlement is a meaningful step forward in a years-long attempt to hold one of the most predatory and unscrupulous actors […]

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News Clips

Jan 22, 2022

Millions of Student Loan Borrowers Could Wipe Out Debts But ‘Predatory’ Firms ‘Lied and Continued to Collect Payments’

The Student Borrower Protection Center (SBPC) released a report on Thursday, January 20 identifying more than 2.6 million people who collectively owe around $50 billion.

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Blogs

Jan 20, 2022

An Industry-Wide, $50 Billion Scheme Stole Private Student Loan Borrowers’ Bankruptcy Rights

An SBPC investigation uncovers a decades-long scheme by the student loan industry aimed at blocking borrowers from accessing their full rights in bankruptcy—all so that these companies could pad their profits.

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Press Releases

Jan 20, 2022

SBPC Investigation Uncovers Decades-Long Student Loan Industry Scheme to Deprive Millions of Private Student Loan Borrowers of Bankruptcy Rights

Based on a comprehensive review of securities filings, student loan promissory notes, and government data, SBPC estimates that $50 billion in so-called private student loans taken on by more than 2.6 million borrowers, are, in fact, eligible to be discharged in bankruptcy despite representations to the contrary by lenders and loan servicers.

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Reports

Jan 20, 2022

Morally Bankrupt: How the Student Loan Industry Stole a Generation’s Right to Debt Relief

This report investigates a decades-long scheme by the student loan industry to rob borrowers of their right to debt relief on many types of private student loans.

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News Clips

Jan 20, 2022

$50 Billion of Student Debt Could Be Entitled to Automatic Cancellation in Bankruptcy But Borrowers May Not Know About It

“The SBPC, a Washington D.C.-based advocacy group for student borrowers, estimates that a total of about $50 billion of such loans are out there, and they may be as easy to cancel in bankruptcy as credit card debt or other consumer loans.”

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News Clips

Jan 20, 2022

2.6 Million Student-Loan Borrowers Could Get Rid of Their Debt by Declaring Bankruptcy — But Major Companies are Blocking That

“On Thursday, the Student Borrower Protection Center (SBPC) released a report that found 2.6 million borrowers with private student debt could be eligible for as much as $50 billion in loan cancellation through bankruptcy.”

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News Clips

Jan 20, 2022

$50 Billion of Student Debt Could be Wiped Away in Bankruptcy, Report Says

“A new report indicates that as much as $50 billion in debt, colloquially referred to as private student loans and held by 2.6 million borrowers, could actually be wiped away in bankruptcy court. The findings come from an analysis published Thursday by the Student Borrower Protection Center, an advocacy group.”

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News Clips

Jan 14, 2022

President Biden’s Student Loan Reforms Fails After Repayment Plan Approves Only 32 Borrowers Out Of Millions

As of March, however, only 32 borrowers have been forgiven out of millions, according to Insider. Persis Yu, Policy Director and Managing Counsel at the Student Borrower Protection Center, said millions of borrowers are still struggling to make payments, and the Biden Administration needs to help them.

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News Clips

Jan 13, 2022

Student-Loan Giant Navient Agrees to $1.8 Billion Deal With 39 States, Denies Wrongdoing

According to Shapiro, Navient allegedly originated predatory subprime private loans to students attending for-profit schools and colleges with low graduation rates, even though it knew that many borrowers would be unable to repay the loans. Shapiro called the practice similar to the subprime mortgage crisis that led to the 2008 financial collapse.

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Social Security

A Predatory School is Dragging 290 Defrauded Students into Court in the Latest Example of the Exploitative State of the Income Share Agreement Market

New Poll: As Joe Biden Addresses the Nation, Voters of Color Overwhelmingly Support Action to Cancel Student Debt, Extend Pause on Student Loan Payments

Poll: New Poll: As Joe Biden Addresses the Nation, Voters of Color Overwhelmingly Support Action to Cancel Student Debt, Extend Pause on Student Loan Payments

The End of the Payment Pause is a Civil Rights Issue

One Door Closes & Others Remain: Institutional Loans and the 90/10 Formula

New Poll: More than 6-in-10 Voters Want Biden to Cancel Student Debt

Poll: More than 6-in-10 Voters Want Biden to Cancel Student Debt

New Poll: As Inflation Soars, Large Bipartisan Majority Supports President Biden’s Pause on Student Loan Payments

New Poll: As Inflation Soars, Large Bipartisan Majority Supports President Biden’s Pause on Student Loan Payments

The System is Broken: 100+ Organizations Urge Biden Administration to Aid Millions of Student Loan Borrowers with Overdue Income-Driven Repayment (IDR) Reforms

Navient’s Settlement Shows Why the Biden Administration Must Take Bold Action to Fix Income-Driven Repayment

Millions of Student Loan Borrowers Could Wipe Out Debts But ‘Predatory’ Firms ‘Lied and Continued to Collect Payments’

An Industry-Wide, $50 Billion Scheme Stole Private Student Loan Borrowers’ Bankruptcy Rights

SBPC Investigation Uncovers Decades-Long Student Loan Industry Scheme to Deprive Millions of Private Student Loan Borrowers of Bankruptcy Rights

Morally Bankrupt: How the Student Loan Industry Stole a Generation’s Right to Debt Relief

$50 Billion of Student Debt Could Be Entitled to Automatic Cancellation in Bankruptcy But Borrowers May Not Know About It

2.6 Million Student-Loan Borrowers Could Get Rid of Their Debt by Declaring Bankruptcy — But Major Companies are Blocking That

$50 Billion of Student Debt Could be Wiped Away in Bankruptcy, Report Says

President Biden’s Student Loan Reforms Fails After Repayment Plan Approves Only 32 Borrowers Out Of Millions

Student-Loan Giant Navient Agrees to $1.8 Billion Deal With 39 States, Denies Wrongdoing

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