Social Security

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 in the student loan industry accountable. But the settlement also shows how deep the rot has historically run…

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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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News Clips

Jan 13, 2022

Navient Reaches a $1.85 Billion Deal to Settle Claims of Predatory Behavior.

The deal, announced Thursday, requires Navient to cancel $1.7 billion in private student loan debts for nearly 66,000 borrowers and pay $95 million in restitution. The private loans were crucial to Navient’s ability to make a large volume of lucrative federal loans, prosecutors said.

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Press Releases

Jan 13, 2022

Student Borrower Protection Center Statement on Navient’s Settlement with 39 States Cancelling $1.7 Billion in Predatory Private Student Loans

Today, 39 states settled lawsuits and investigations against the student loan giant Navient Corporation (Navient) related to allegations of predatory lending and illegal student loan servicing that harmed borrowers nationwide. Per the terms of the settlement, with a bipartisan group of 39 state attorneys general, borrowers will enjoy $1.7 billion in cancellation on dangerous, high-cost private student loans.

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News Clips

Jan 13, 2022

Navient, El Administrador de Préstamos Estudiantiles, Cancelará $1,7 Mil Millones en Deudas

La fiscal general de Nueva York, Letitia James, declaró que la empresa “contribuyó a la crisis nacional de la deuda estudiantil al atrapar de forma engañosa a miles de estudiantes en más deudas”.

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News Clips

Jan 13, 2022

Navient Will Cancel $1.7 Billion in Student Loans—Here’s When Borrowers Will See Relief

The student loan cancellation will impact approximately 66,000 private student loan borrowers. Eligible private student loan borrowers should receive a notice from Navient by July 2022, along with refunds of any payments made on the canceled private loans after June 30, 2021.

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News Clips

Jan 13, 2022

Thousands of Student Loans to be Canceled in $1.85 billion Navient Settlement. Many More Borrowers Can Expect $260.

The agreement would cancel the outstanding student loan balances of roughly 66,000 borrowers with private education loans that were started between 2002 and 2010, when Navient was known as Sallie Mae.

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News Clips

Jan 12, 2022

Only 32 Student-Loan Borrowers Ever Have Qualified for Full Debt Forgiveness Under Income-Driven Repayment. Here Are 3 Ways Advocates Say Biden Could Change That.

According to Education Department data, 4.4 million borrowers have been in repayment under IDR for 20 years or longer, but complexities in the program, like burdensome paperwork and deceptive practices by loan companies, have kept borrowers stuck in repayment, the organizations’ report said.

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News Clips

Jan 12, 2022

Income Based Repayment: Advocates Call On Biden To Enact Sweeping Reforms For Student Loan Borrowers

A coalition of advocacy groups is calling on President Biden to enact sweeping changes to income-driven repayment plans for federal student loan borrowers.

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Reports

Jan 12, 2022

Restoring the Promise of Income-Driven Repayment: An IDR Waiver Proposal

In a whitepaper, the SBPC, the National Consumer Law Center, and the Center for Responsible Lending offer a proposal to the Biden administration to fix income-driven repayment via the creation of an “IDR waiver.” This waiver would cut through the red tape that has long stymied the IDR program and deliver a pathway out of student debt by giving borrowers credit for time in repayment.

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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

Navient Reaches a $1.85 Billion Deal to Settle Claims of Predatory Behavior.

Student Borrower Protection Center Statement on Navient’s Settlement with 39 States Cancelling $1.7 Billion in Predatory Private Student Loans

Navient, El Administrador de Préstamos Estudiantiles, Cancelará $1,7 Mil Millones en Deudas

Navient Will Cancel $1.7 Billion in Student Loans—Here’s When Borrowers Will See Relief

Thousands of Student Loans to be Canceled in $1.85 billion Navient Settlement. Many More Borrowers Can Expect $260.

Only 32 Student-Loan Borrowers Ever Have Qualified for Full Debt Forgiveness Under Income-Driven Repayment. Here Are 3 Ways Advocates Say Biden Could Change That.

Income Based Repayment: Advocates Call On Biden To Enact Sweeping Reforms For Student Loan Borrowers

Restoring the Promise of Income-Driven Repayment: An IDR Waiver Proposal

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