Student Loans

Student loans create debt burdens that impact families for generations. Black Americans in general, and Black and Latina women in particular -- often are forced to take on more college debt than their white counterparts in pursuit of the American Dream. The student debt burden is felt most acutely by attendees of Historically Black Colleges and Universities. CRL successfully led a coalition of advocates that achieved substantial student debt cancellation in 2022. We continue to advocate for higher education policies to protect student loan borrowers and their parents from falling into a cycle of debt that keeps them from engaging in wealth-building activities. 

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CRL and NCLC Response to CFPB Request for Information on Student Safe Account Scorecard

CRL and NCLC Response to CFPB Request for Information on Student Safe Account Scorecard

In this letter to Consumer Financial Protection Bureau Director Richard Cordray the Center for Responsible Lending and the National Consumer Law Center respond to the agency's Request for Information about the Student Safe Account Scorecard, which would guide colleges to select safe bank accounts if they enter into marketing partnerships with banks. In the letter, the two organizations support the...
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Comment Letter
Student Loans

15 Groups Comment on the CFPB’s Request for Information on Safe Student Account Scorecard

15 Groups Comment on the CFPB’s Request for Information on Safe Student Account Scorecard

Fifteen consumer, student, civil rights, and legal aid groups co-signed a letter to Consumer Financial Protection Bureau Director Richard Cordray in response to the agency's Request for Information about the Student Safe Account Scorecard. The organizations supported the Scorecard and stated: Colleges and universities must begin to put the best interest of students first when negotiation with banks and prepaid...
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Comment Letter
Student Loans

Overdraft U: Student Bank Accounts Often Loaded with High Overdraft Fees

Overdraft U: Student Bank Accounts Often Loaded with High Overdraft Fees

Some colleges and banks enter into exclusive agreements to offer students checking accounts – usually these accounts come furnished with a debit card that prominently displays the school logo and can sometimes be used as student ID. For banks, these exclusive agreements mean a captive audience for their bank products (checking accounts, credit card accounts) and usually a customer for...
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Research
Overdraft Fees Student Loans

Memorandum on Legal Authority for Cash Management Rule

Memorandum on Legal Authority for Cash Management Rule

The letter states... On August 20, 2014, the Department received a joint memorandum from the American Bankers Association (ABA) and Consumer Bankers Association (CBA),1 arguing that the Department did not have authority under Title IV of the Higher Education Act (HEA) to promulgate rules on campus banking products of the scope proposed during negotiated rulemaking in spring 2014. The ABA's...
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Research
Student Loans

Coalition Letter to Secretary Duncan, Attorney General Holder, Director Cordray

Coalition Letter to Secretary Duncan, Attorney General Holder, Director Cordray

Dear Secretary Duncan, Attorney General Holder, and Director Cordray: As advocates for students, veterans, consumers, civil rights and college access, we write to express grave concerns about the proposed sale of 56 Corinthian Colleges campuses to ECMC Group, a debt collector and loan servicer. We urge you not to waive liability for any prospective buyer of Corinthian campuses unless the...
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Amicus Brief
Student Loans

Three Ways to Fix Private Student Loan Troubles

Three Ways to Fix Private Student Loan Troubles

By Maura Dundon Originally published by American Banker The Consumer Financial Protection Bureau's recent report on private student loans drew a sharp critique from lenders, who claim that the CFPB unfairly singles out private loans while ignoring problems with federal student loans. While the federal loan program has issues of its own, private student loans have distinct concerns. Congress instructed...
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Research
Student Loans

Attorneys General in 14 States Support More Accountability From For-Profit Colleges

Attorneys General in 14 States Support More Accountability From For-Profit Colleges

Attorneys General representing states in the South, Midwest, Southwest and Northeast stand united in support of progressive reforms affecting for-profit college accountability. In a letter to Members of Congress, the officials wrote, "[E]ach of our offices have encountered far too many former and current for-profit school students who have been harmed by the dishonest and unethical practices of some for-profit...
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Research
Student Loans

Do Students of Color Profit from For-Profit College?

Do Students of Color Profit from For-Profit College?

A post-secondary education is increasingly necessary in order to obtain a high-quality job and a lifetime of financial security and wealth-building opportunities. Many students finance their education through student loans because they see its value as an investment in their future. However, according to the research presented in this paper, the value of that investment is questionable for those students...
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Research
Student Loans
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