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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Polling Memo: Voters Support Strong Consumer Financial Protections and Tough Regulation of Wall Street

Polling Memo: Voters Support Strong Consumer Financial Protections and Tough Regulation of Wall Street

Ten years after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, with the country again facing an economic crisis, new polling data from Lake Research Partners, commissioned by the Center for Responsible Lending and Americans for Financial Reform shows that voters across all political parties are broadly and intensely supportive of strong consumer financial protections and of...
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Research
Consumer Finance Debt Collection & Settlement Overdraft Fees Student Loans Payday and Other Small Dollar Loans

The Critical Relief of Student Debt Cancellation Must Remain in HR 6800 - the HEROES Act

The Critical Relief of Student Debt Cancellation Must Remain in HR 6800 - the HEROES Act

From the letter to Speaker Pelosi, Chairman Scott, and Chairman McGovern: As Congress works to better protect Americans from the economic fallout of COVID-19, the financial difficulties of 44 million student loan borrowers and the effect of this debt on the economy cannot be forgotten. The relief in HEROES, especially the $10,000 of cancellation per borrower, will have a significant...
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Letters to Congress
Student Loans

Joint Statement: Narrowing Student Debt Cancellation In HEROES Act Leaves Out Millions

Joint Statement: Narrowing Student Debt Cancellation In HEROES Act Leaves Out Millions

A joint statement on the choice to narrow student loan debt cancellation in the HEROES Act from Action Center on Race and the Economy, American Federation of Teachers, Americans for Financial Reform, Center for Responsible Lending, Demos, Generation Progress, National Consumer Law Center (on behalf of its low-income clients), Student Borrower Protection Center, Student Debt Crisis.
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Letters to Congress
Student Loans

Strong Bipartisan Support for Permanently Reducing Student Loan Debt by $20,000 for All Borrowers

Strong Bipartisan Support for Permanently Reducing Student Loan Debt by $20,000 for All Borrowers

A majority of Americans across all regions of the US support permanently reducing student loan debt by $20,000 for all borrowers, according to a new bipartisan poll by Lake Research Partners and Chesapeake Beach Consulting. Download the poll results Download the top lines
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Research
Student Loans

Comment on the ED’s Proposed Distance Education Rule: As More Programs Move Online, Do Not Weaken Student Protections

Comment on the ED’s Proposed Distance Education Rule: As More Programs Move Online, Do Not Weaken Student Protections

From the full comment letter: As more borrowers than ever migrate to online platforms, the Department’s role in ensuring program integrity is even more vital. The consensus language in the NPRM represents the best compromise between industry, innovators, and borrowers. If it is changed at all, it should be strengthened, not weakened. The final rule should include the consensus definitions...
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Comment Letter
Student Loans

Support for Borrower Assistance for Federally Held Student Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Support for Borrower Assistance for Federally Held Student Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

While we applaud that quick action for student loan borrowers, we are concerned that this unprecedented crisis is affecting many borrowers who have Perkins loans or Federal Family Education Loan Program (FFELP) loans that are not federally owned and who are not covered under the CARES Act. We respectfully request that you take action to enact, as part of your...
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Letters to Congress
Student Loans

Student Debt Cancellation is Essential to Economic Recovery from COVID-19

Student Debt Cancellation is Essential to Economic Recovery from COVID-19

H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), signed into law on March 27, 2020, provided for a 6-month suspension and interest waiver on federally-owned student loans. It also halted all involuntary collections on these loans. These provisions only apply to Department of Education-held loans, excluding 1.9 million Perkins Loan borrowers, 5.98 million commercially held FFEL...
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Policy & Legislation
Student Loans

Poll: Voters Oppose Department of Education and CFPB Rollback of Student Loan Protections

Poll: Voters Oppose Department of Education and CFPB Rollback of Student Loan Protections

Strong majorities across political parties show concern about the level of student debt in the United States and oppose the Department of Education’s (ED) and the Consumer Financial Protection Bureau's (CFPB) recent actions to weaken protections for students, according to a new poll released by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll was...
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Research
Student Loans

Testimony: A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable

Testimony: A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable

The growth of outstanding student loan debt over the last decade has been staggering. Today, more than 44 million people carry over $1.5 trillion of outstanding student loan debt, an amount that exceeds all other types of non-mortgage loan debt. Two out of three graduates in the class of 2017 borrowed federal student loan debt to finance their education.2 This...
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Testimony
Student Loans
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