Social Security

Apr 30, 2020

Private Student Loans: New Report Sheds Light on the Need for Borrower Protection in an Opaque $130 Billion Market

Today, the SBPC released a new report examining the private student loan market. The report offers a snapshot of recent trends and borrower outcomes in the space, indicating a critical need for more rigorous borrower protection at the federal, state, and local level.

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Reports

Apr 30, 2020

Private Student Lending Report

This report documents the rapid growth of the private student loan market and demonstrates why there is a desperate need for accountability and reforms to protect the millions of borrowers whose lives are impacted by this market.

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Apr 27, 2020

SBPC and NCLC Demand Department of Education Implement Fixes to CARES Act Implementation

In a letter sent to ED Secretary Betsy DeVos, SBPC and NCLC urge her to take swift action to mitigate borrower harm from poor implementation of the CARES Act.

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Reports

Apr 24, 2020

SBPC, U.S. PIRG, and Consumer Action Issue Brief on CFPB Complaint Database Improvements

In an issue brief, the SBPC, U.S. PIRG, and Consumer Action outline key steps the CFPB can take to expand and enhance its complaint tool, including the agency’s public complaint database.

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Apr 24, 2020

Americans Need Stronger Consumer Protections During COVID-19 Crisis

The Student Borrower Protection Center (SBPC), the U.S. Public Interest Research Group (U.S. PIRG), and Consumer Action released recommendations on Friday for the Consumer Financial Protection Bureau (CFPB) to enhance its consumer complaint tool to protect borrowers during the coronavirus (COVID-19) pandemic.

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Apr 22, 2020

Memo on Automatic Payment Relief by Student Loan Servicers During Coronavirus Pandemic

SBPC explains why student loan servicers should automatically implement payment relief and protections for distressed borrowers across their entire loan portfolios in response to the coronavirus pandemic.

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Apr 21, 2020

Advocates Urge CARES Act Congressional Oversight Commission to Monitor Funds Going to For-Profit Schools

In a letter sent to the Congressional Oversight Commission established to oversee the CARES Act, a coalition of over 40 consumer advocacy organizations calls for the aggressive monitoring of funds going to for-profit schools.

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Apr 21, 2020

Americans for Financial Reform and SBPC Send Letter to Navient Board of Directors Demanding Investment in Student Borrowers, Not Shareholders

The Student Borrower Protection Center (SBPC) and Americans for Financial Reform (AFR) sent a letter to the Board of Directors of Navient Corporation urging the company’s board to halt dividends and stock buybacks, pause planned compensation for itself and the company’s managers, and focus on investing in customer service infrastructure for the remainder of the coronavirus crisis.

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Apr 21, 2020

Coalition of Advocates Urge Congressional Oversight Commission to Aggressively Monitor Over $1 Billion in CARES Act Funds Going to For-Profit Schools

Today, a coalition of over 40 consumer advocacy organizations sent a letter to the Congressional Oversight Commission established to oversee CARES Act implementation calling for aggressive monitoring of funds going to for-profit schools.

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Apr 17, 2020

SBPC and AFR Demand Navient Board of Directors Invest in Student Borrowers, Not Shareholders

In a letter sent to the Board of Directors of Navient Corporation, the SBPC and Americans for Financial Reform (AFR), urges the company’s board to halt dividends and stock buybacks, pause planned compensation for itself and the company’s managers, and focus on investing in customer service infrastructure for the remainder of the coronavirus pandemic.

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Apr 14, 2020

Borrower Voices: The Impact of Wage Garnishment During the Coronavirus Pandemic

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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Reports

Apr 6, 2020

Private Student Loan Oversight Amid the Coronavirus Pandemic

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.

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Apr 6, 2020

As the Coronavirus Rages, Americans Deserve More than a CFPB that Chooses to Bury its Head in the Sand

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.

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Apr 3, 2020

Embattled Private Student Lenders Finally Cease Abusive Lawsuits During the Coronavirus Pandemic

Decision to halt lawsuits follows SBPC’s calls for action and scrutiny of industry debt collection tactics.

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Apr 2, 2020

Statement from Mike Pierce, SBPC Policy Director, on the State of California’s Lawsuit Against the Pennsylvania Higher Education Assistance Agency (PHEAA)

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.

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Mar 30, 2020

Are You Having Problems with Government Wage Garnishment on Your Student Loans During COVID-19?

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.

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Mar 27, 2020

SBPC and AFR Urge Industry to Provide Relief to Private Student Loan Borrowers During Coronavirus Pandemic

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.

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Mar 27, 2020

Advocates Urge Industry to Provide Relief to Private Student Loan Borrowers During 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.

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