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SBPC urges the Administration to swiftly implement the newly passed S. 1098, Joint Consolidation Loan Separation Act, to finally provide relief for student loan borrowers with Spousal Consolidation Loans.
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There’s a generation of former drug offenders who borrowed to pay for school, but don’t have Pell Grants or federal loans, and won’t have any of their student debt forgiven. According to a Student Borrower Protection Center report on private loan debt, Black students are four times as likely as white students to struggle in repayment of private loans.
“By itself, this will not fix a failed system. But this cancellation is an immediate step, the biggest single step we can take” to help student loan debtors, said Persis Yu, policy director and managing counsel at the Student Borrower Protection Center, based in Washington, D.C.
SBPC submits comments to the U.S. Department of Education’s NPRM on expanding Pell Grant eligibility for Prison Education Programs.
As Joe Biden announced the details of his plan to help those with student loan debt, Kat Welbeck wrestled with the idea. For millions of Americans, the unprecedented relief would be “life-changing”, especially for low-income and Black and Latino Americans, who are disproportionately saddled with decades-long debt, she said.
Federal student loan borrowers struggling or unable to make payments while incarcerated should know about their debt relief options.
A recent study by the Student Borrower Protection Center and the National Consumer Law Center found borrowers in prison are at higher risk of default on their student loans due to limited access to phones and internet needed to communicate with their loan servicer.
The Student Borrower Protection Center published a new report Wednesday on the challenges that incarcerated student loan borrowers face, including debt collection and risk of default.
Just after the Department of Education released proposed regulations expanded Pell Grant eligibility for incarcerated students, SBPC and NCLC release a report examining student debt abuses against incarcerated people.