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Social Security


  • News Clips
    Sep 21, 2021

    Thousands of Teachers Rejected for Public Service Loan Forgiveness Program, New Data Shows

    The disclosure suggests further bureaucratic problems with the management of the Public Service Loan Forgiveness program, which has come under fire from Democrats in recent years for rejecting more than 98 percent of all borrowers who applied.

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  • Letters & Memos
    Sep 21, 2021

    Letters to Federal Regulators on Income Share Agreements

    In light of recent action by the CFPB to affirm that ISAs are a form of private student loan that must comply with all relevant state and federal consumer financial protections, the SBPC sent letters to a number of federal agencies highlighting the need for increased scrutiny of the ISA market.

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  • Investigations
    Sep 20, 2021

    Documents from the Pennsylvania Higher Education Assistance Agency on Employer Certification Form Denials and Reasons for Denial

    In an effort to continue investigating ongoing breakdowns denying borrowers access to PSLF, the American Federation of Teachers, the National Education Association, and the SBPC uncovered thousands of pages of documents from the company the Department of Education contracts with to manage PSLF: PHEAA.

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  • Blogs
    Sep 20, 2021

    PSLF Borrower Voices: Spotlighting Servicemembers Denied Earned Loan Forgiveness

    Servicemembers across the country are continually being denied promised student loan relief through the Public Service Loan Forgiveness program even after a decade or more of service in uniform. This fact is a national disgrace.

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  • Blogs
    Sep 17, 2021

    IDR Aimed to Make Federal Student Loans Affordable. It Made Them Even More of a Debt Trap.

    Policymakers designed a system that assumed the amount of debt borrowers take on is largely immaterial, and the result is that millions of borrowers have been left to deal with the financial and psychological ramifications of decades of runaway debt.

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  • Reports
    Sep 17, 2021

    Driving Runaway Debt: How IDR’s Current Design Buries Borrowers Under Billions of Dollars in Unaffordable Interest

    This report highlights how the design of the main protection meant to deliver affordability to federal student loan borrowers, Income-Driven Repayment (IDR), ignores the widespread effects that runaway student loan balances have across borrowers’ financial lives.

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  • News Clips
    Sep 14, 2021

    The Curious Case of a Chameleon Zombie Coding School

    That promise fell apart over several weeks in July when the entire school seemingly unraveled: Make School was sued for allegedly selling predatory educational financing products to its early students, the school’s accreditation application was denied, financial backers apparently backed out, and students were absorbed by a separate school.

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  • Comments
    Sep 13, 2021

    Advocates Public Comment to Department of Education on Federal Preemption and Joint Federal-State Oversight of Federal Student Loan Servicing and Collections

    In a public comment to ED, SBPC, American Federation of Teachers, AFL-CIO, Americans for Financial Reform Education Fund, Center for Responsible Lending, and the National Consumer Law Center, representing students, student loan borrowers, teachers, and consumers, applaud ED’s affirmation that states are important partners in protecting student loan borrowers and call for more support by states as they continue this important work.

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  • News Clips
    Sep 13, 2021

    Why Some Backers of Student Lending Product Welcome CFPB Crackdown

    ISAs offer tuition money in exchange for some of a student’s future income. While many see the product as a progressive alternative to traditional student loans, consumer advocates say some have avoided regulatory scrutiny by claiming ISAs are not credit.

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  • News Clips
    Sep 10, 2021

    $10 Billion in Student Debt Erased Under Biden, but Calls Grow for More

    While Mr. Biden has so far fended off calls for the kind of blanket debt cancellation that is a top priority of many progressive lawmakers, a parade of relatively modest eligibility and relief enhancements adds up to a significant expansion of support for beleaguered borrowers. And more may be coming: The Education Department said it was planning regulatory changes to programs aimed at helping public servants and those on income-driven repayment plans.

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  • Reports
    Sep 10, 2021

    Driving Unaffordability: How Income-Driven Repayment Currently Fails to Deliver Financial Security to Student Loan Borrowers

    This report highlights how the payment formulas currently underlying Income-Driven Repayment (IDR) can harm low to middle-income borrowers, forcing them to choose between meeting basic needs and paying their monthly student loan bills. 

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  • Reports
    Sep 10, 2021

    Driving Down Distress? The Principles & Incomplete History of Income-Driven Repayment

    This report examines the history of Income-Driven Repayment (IDR), identifies its key founding principles, the ways that policymakers have tried to meet them, and how the current design of the protection has fallen short of achieving its original goals.

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  • Blogs
    Sep 10, 2021

    Fulfilling the Promise of Income-Driven Repayment

    It’s time for policymakers to weigh whether the IDR program is fulfilling its promise. And if not, it’s time to boldly rethink the design and delivery of the protections that borrowers deserve.

    More


  • News Clips
    Sep 9, 2021

    Charting Better Maps to Degrees

    After the news broke, the Student Borrower Protection Center wrote to the U.S. Department of Education, calling for it to address “ongoing violations” of laws and regulations related to ISAs, including loan co-branding by colleges with ISA providers.

    More


  • News Clips
    Sep 9, 2021

    A Student-Loan Forgiveness Program Will Continue to Reject 80% of Public Servants Through 2026, Report Finds

    When analyzing what those projections mean for future enrollment in the program, the report estimated that over 2.2 million borrowers will likely have declared their intent to pursue PSLF by 2026, meaning that only one in eight borrowers will obtain relief by that time.

    More


  • News Clips
    Sep 9, 2021

    Data Shows Only 20 Percent of Applicants for a Student Loan Forgiveness Program Will Receive Relief by 2026

    There are about 1.3 million people pursuing Public Service Loan Forgiveness, a program that cancels federal student debt after 10 years of on-time payments for people who take public-sector jobs. But just 1 in 5 of those borrowers are on track to secure relief by 2026, according to an analysis released Thursday by the Student Borrower Protection Center.

    More


  • Blogs
    Sep 9, 2021

    Newly Uncovered Internal Projections from a Department of Education Contractor Show PSLF Problems Will Persist Over Time

    New evidence uncovered through a Freedom of Information Act request indicates that without bold and swift action by the Secretary of Education and President Biden, PSLF is likely to fail the vast majority of borrowers working in public service over the long term.

    More


  • News Clips
    Sep 8, 2021

    Student Loans: Consumer Regulator Cracks Down on Company Advised by Obama-era Education Department Official

    America’s top consumer finance watchdog is taking action against an alternative education finance provider advised by an Obama-era Education Department official for allegedly misleading students about income-share agreements.

    More


  • Press Releases
    Sep 7, 2021

    Statement on CFPB Enforcement Action Against Income Share Agreement Provider Better Future Forward, Inc.

    Today, the Consumer Financial Protection Bureau announced an enforcement action against a private student lender offering a risky kind of financial product known as an income share agreement (ISA), alleging that the company, Better Future Forward, Inc. was misleading consumers.

    More


  • Blogs
    Sep 6, 2021

    Dignified in Work, Drowning in Debt

    The student debt crisis—and the failure of PSLF to provide meaningful relief to working families—has financially devastated tens of millions of low to middle-income households. Every month, in every community across the country, working families receive a student debt bill that forces them to put off saving for their kids’ education, delay making a downpayment on a house, or even hinder their own retirement savings.

    More

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