As Americans face unprecedented economic and financial pressure, having wages seized can mean the difference between having enough money to pay rent or to put food on the table.
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In an issue brief, the SBPC, outlines the gaps in knowledge of the private student loan market, the harms those gaps induce, and the specific steps that the CFPB needs to take to address them.
For three years, the Consumer Financial Protection Bureau (CFPB) has failed to execute its job of protecting hundreds of millions of American consumers. The repercussions of this failure are vast, and they are painfully visible in the ongoing crisis in the student loan market and its effects on the most vulnerable consumers.
Decision to halt lawsuits follows SBPC’s calls for action and scrutiny of industry debt collection tactics.
California’s actions to hold PHEAA accountable for handling of federal TEACH grant comes amid an unprecedented campaign by the Trump Administration to block oversight by state regulators.
On March 25, 2020, the Trump administration announced that it would end wage garnishment for student loan borrowers, going back to March 13 and extending for at least 60 days. However, this process is not simple.
In letters sent to a dozen large private student loan companies, the SBPC and Americans for Financial Reform (AFR), urge the companies to take steps to mitigate harm to private student loan borrowers caused by the economic fallout of the coronavirus pandemic.
Today the Student Borrower Protection Center (SBPC) and Americans for Financial Reform (AFR) sent letters to one dozen large private student lenders urging the companies to take steps to mitigate borrower harm caused by the economic fallout of the coronavirus.
As the world grapples with the fallout of the coronavirus pandemic, student loan companies cannot be allowed to continue making billions on the plight of student loan borrowers. And yet, even for many borrowers of federal student loans, this is precisely what the CARES Act will permit.
Today Student Borrower Protection Center Executive Director and former CFPB Student Loan Ombudsman Seth Frotman issued the following statement on how the CARES Act fails to deliver critical relief for student loan borrowers.
On February 21, 2020, legal scholars and advocates from around the country gathered at the campus of UCI School of Law for the first ever law review symposium dedicated exclusively to the question of student loan law.
Today we are releasing a snapshot of state-by-state statistics on student loan debt. This data should be front and center as policymakers consider actions to protect Americans from the economic effects of the global coronavirus pandemic.
Student loan companies were woefully unprepared to help borrowers grapple with the coronavirus long before tens of millions of borrowers were told they would need to contact their student loan servicer to secure payment relief. As borrowers in distress seek help over the coming days and weeks, the student loan system, including the large private-sector financial services firms at its center, is clearly not up to the task.
As America is gripped by a once-in-a-century public health crisis and hurtles toward a long and deep recession, policymakers in the Trump Administration and on Capitol Hill are looking for policy levers to blunt the effects of this turmoil. Helping student loan borrowers in distress needs to be a key part of any effort to protect the economy as a whole from the worst consequences of the coronavirus pandemic.
In letters sent to ED Secretary Betsy DeVos, CFPB Director Kathy Kraninger, and student loan industry CEOs, SBPC and the AFT demand action to protect student loan borrowers during the coronavirus pandemic.
The Student Borrower Protection Center (SBPC) and the American Federation of Teachers (AFT) are co-hosting a free webinar focusing on student loan repayment during the coronavirus pandemic.
As Americans face the economic fallout from the coronavirus, the American Federation of Teachers (AFT) and the Student Borrower Protection Center (SBPC) today sent letters to government and industry leaders across the student loan system demanding action to protect student loan borrowers during this nationwide crisis. The organizations sent letters to Education Secretary Betsy DeVos, Consumer Financial Protection Bureau Director Kathy Kraninger, and nine large student loan companies that service loans owed by…
Student Borrower Protection Center Executive Director and former CFPB Student Loan Ombudsman Seth Frotman released the following statement on Washington’s plan to send checks directly to American families as part of a $1 trillion stimulus package in response to the coronavirus crisis.
The Department of Education’s (ED) most recent quarterly update on its student loan portfolio contained a crucial number that seems to have gone widely overlooked: 1,228,600. That figure represents the cumulative total of unique federal student loan borrowers who defaulted on their loans (that is, reached a full 361 days of delinquency) during the 2019 federal fiscal year.
The Student Borrower Protection Center, Americans for Financial Reform Education Fund, the National Community Reinvestment Coalition, and the National Consumer Law Center today raised concerns to the ARRC with various aspects of industry’s transition from LIBOR to spread-adjusted SOFR.