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News Clips

Jul 28, 2021

For-Profit Colleges Target Minority Areas Across America, Study Argues

The Student Borrower Protection Center (SBPC) analyzed where for-profit postsecondary institutions located themselves and found patterns suggesting that for-profit schools target neighborhoods composed mostly of people of color.

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Press Releases

Jul 28, 2021

New Report Finds For-Profit Schools Targeting Black and Latino Communities

. The report plots the location of for-profit schools in cities across the Midwest, showing how these institutions often cluster in certain areas to exploit borrowers of color by offering programs of dubious value financed by expensive and hard to repay student debt. Further, new data analysis reveals that, at the national level, for-profit schools are roughly twice as likely to set up in majority Latino or majority Black zip codes as compared…

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Reports

Jul 28, 2021

Mapping Exploitation: Examining For-Profit Colleges as Financial Predators in Communities of Color

This report examines how predatory for-profit institutions are geographically targeting communities of color in cities in the Upper Midwest and across the country. By targeting prospective Black and Latino students with dubious educational programs and high levels of debt, the report shows how these institutions are systematically stripping wealth from these communities.

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Blogs

Jul 27, 2021

Calling on America’s Public Service Workers: Share Your PSLF Story

This week, for the first time ever, the U.S. Department of Education is asking for the public to share their stories about public service and debt forgiveness. Now is the time to call for the government to keep its promise to public service workers.

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Press Releases

Jul 23, 2021

SBPC Statement on Department of Education Inquiry into the Public Service Loan Forgiveness Program

Today, the U.S. Department of Education launched a public inquiry into the broken Public Service Loan Forgiveness Program. In response, SBPC Executive Director Seth Frotman released the following statement.

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Blogs

Jul 14, 2021

What Borrowers Need to Know About the End of PHEAA’s Federal Student Loan Servicing

Accounts for 8.5 million federal student loan borrowers will have to be transferred to a new servicer in a few short months. Additionally, unless the Biden Administration takes action to extend the payment pause on federal student loans, this large transfer will take place just after payments for tens of millions of borrowers are expected to resume at the end of September.

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News Clips

Jul 13, 2021

California Has a New ‘Student Loan Bill of Rights.’ Here’s How it Will Help Borrowers

Those borrowers now have more rights under a law that went into effect this year and gained teeth this month with a new ombudsman’s office empowered to review complaints about student loan providers.

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News Clips

Jul 12, 2021

Can Banks Allay Concerns About Emerging Student Loan Product?

In April, consumer groups led by the Student Borrower Protection Center urged the Office of the Comptroller of the Currency to scrutinize the first-of-its-kind arrangement between Blue Ridge Bank of Martinsville in Virginia and MentorWorks Education Capital. The bank funds financing packages developed by MentorWorks, a fintech firm, which students repay with a portion their income after entering the workforce.

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News Clips

Jul 12, 2021

One of the Nation’s Biggest Student Loan Servicers is Pulling Out. Where Does that Leave Borrowers?

Seth Frotman, executive director of the Student Borrower Protection Center, said that as payment processing is ramped back up, all borrowers, regardless of their servicer, need to take steps to protect themselves. “Requesting a copy of their payment history, downloading whatever they can from their account, and making sure that their contact information is up to date,” Frotman said.

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Blogs

Jul 9, 2021

Borrowers Need the Department of Education to Answer These 14 Key Questions and Many More as PHEAA Exits Federal Student Loan Servicing

The embattled student loan giant known as PHEAA announced that it intends to exit its role as a federal student loan servicer. Here are just 14 of the many questions that demand immediate answers from PHEAA and the Department of Education.

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News Clips

Jul 9, 2021

Student-loan Giant That Manages Public Service Loan Forgiveness Will Stop Servicing Federal Loans

The controversial organization that for years has been public servants’ main point of contact in accessing student-loan forgiveness will no longer be servicing federal student loans at the end of this year.

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Press Releases

Jul 8, 2021

SBPC Statement on PHEAA Terminating Role as Top Federal Student Loan Servicer

Today, the student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), also known as FedLoan Servicing, announced that it would no longer continue to serve as the top loan servicer for the U.S. Department of Education.

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News Clips

Jul 8, 2021

FedLoan, a Handler of Millions of Federal Student Loans, Won’t Renew its Contract

The pause on payments and interest could expire in less than three months — as soon as Sept. 30. The millions of borrowers whose loans are overseen by FedLoan, including those in the Public Service Loan Forgiveness program, will have to be moved to a new servicer at the same time the machinery of payment processing is getting back up to speed.

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Blogs

Jul 8, 2021

New Data Show Alarming Racial Disparities for Student Loan Debt Collections

Our analysis of new data uncovers stark racial disparities at the local level in student debt distress.

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Blogs

Jul 6, 2021

California Has the Opportunity To Protect Private Student Loan Borrowers in Every Corner of the State

Right now, the 650,000 California student loan borrowers who owe more than $10 billion in private student loan debt remain vulnerable to this shocking range of harm and abuse if they fall behind. California legislators can change this.

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News Clips

Jul 1, 2021

Some Democrats Push Biden to Extend Student Loan Payment Pause

“More time is essential to ensure that 40 million people aren’t thrown back into chaos and a really broken system,” Student Borrower Protection Center Executive Director Seth Frotman said. The center is a nonprofit focused on alleviating student debt.

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News Clips

Jul 1, 2021

For-Profit Coding School Sued Over Allegedly ‘Predatory’ Student Contracts

Students attending the San Francisco-based online school from 2016 to 2018 took out ISAs from Make School and ISA provider Vemo Education. The ISAs involved Make School and Vemo providing funding to cover the cost of attendance in exchange for students paying a portion of their post-graduation salary.

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Comments

Jul 1, 2021

Comments from the Student Borrower Protection Center to the Department of Education re: Intent to Establish Negotiated Rulemaking Committee

SBPC submitted a comment to ED outlining SBPC’s priorities to protect student loan borrowers and address the burden of student debt on families, communities, and the economy.

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Lawsuits

Jul 1, 2021

Lawsuit Against Coding Academy and ISA Provider Alleges Illegal Lending and Deceptive Practices

47 former students sued Make School, Inc. an operator of a for-profit coding academy, and Vemo Education, Inc. the Income Share Agreement company, for jointly creating and offering a predatory, high-cost ISA to attend the academy.

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Press Releases

Jul 1, 2021

Income Share Agreement Provider, For-Profit School Operator Sued by Dozens of Former Students for Illegal Lending and Deceptive Practices

A group of 47 former students announced a groundbreaking lawsuit against Make School, Inc., a venture capital-backed operator of a for-profit coding academy, and Vemo Education, Inc., the largest provider of a risky kind of private student loan known as an Income Share Agreement.

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Social Security

For-Profit Colleges Target Minority Areas Across America, Study Argues

New Report Finds For-Profit Schools Targeting Black and Latino Communities

Mapping Exploitation: Examining For-Profit Colleges as Financial Predators in Communities of Color

Calling on America’s Public Service Workers: Share Your PSLF Story

SBPC Statement on Department of Education Inquiry into the Public Service Loan Forgiveness Program

What Borrowers Need to Know About the End of PHEAA’s Federal Student Loan Servicing

California Has a New ‘Student Loan Bill of Rights.’ Here’s How it Will Help Borrowers

Can Banks Allay Concerns About Emerging Student Loan Product?

One of the Nation’s Biggest Student Loan Servicers is Pulling Out. Where Does that Leave Borrowers?

Borrowers Need the Department of Education to Answer These 14 Key Questions and Many More as PHEAA Exits Federal Student Loan Servicing

Student-loan Giant That Manages Public Service Loan Forgiveness Will Stop Servicing Federal Loans

SBPC Statement on PHEAA Terminating Role as Top Federal Student Loan Servicer

FedLoan, a Handler of Millions of Federal Student Loans, Won’t Renew its Contract

New Data Show Alarming Racial Disparities for Student Loan Debt Collections

California Has the Opportunity To Protect Private Student Loan Borrowers in Every Corner of the State

Some Democrats Push Biden to Extend Student Loan Payment Pause

For-Profit Coding School Sued Over Allegedly ‘Predatory’ Student Contracts

Comments from the Student Borrower Protection Center to the Department of Education re: Intent to Establish Negotiated Rulemaking Committee

Lawsuit Against Coding Academy and ISA Provider Alleges Illegal Lending and Deceptive Practices

Income Share Agreement Provider, For-Profit School Operator Sued by Dozens of Former Students for Illegal Lending and Deceptive Practices

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