The PROSPER Act is yet another boost for the private sector instead of consumers and taxpayers. At a time when college affordability is increasingly beyond the financial reach of most Americans, the future of higher education and student lending will affect both consumers and our nation’s ability to effectively compete in a global economy. With more than 44 million Americans in debt for $1.4 trillion in loans, the PROSPER Act sidesteps actions that would effectively address this unsustainable debt and increase college access to create a financial climate that further benefits for‐profit...
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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This letter to Virginia Foxx, chairwoman of the U.S. House Committee on Education and the Workforce, voices CRL's strong opposition to H.R. 4508, "Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act." Prosperity and economic security are laudable and elusive goals for many Americans, and we believe the Higher Education Act should play a key role in increasing affordability and access to quality educational programs for all, especially low-income students and students of color. Unfortunately, the PROSPER Act does nothing to make this goal more attainable...
This poll conducted by Lake Research Partners and Chesapeake Beach Consulting shows overwhelming support among likely voters for policy proposals that assist those with education debt, with particularly high support for proposals that permit borrowers to refinance existing loans2 and to create flexible repayment options. 91 percent of voters favor permitting borrowers to refinance their existing student loans at a lower interest rate. 90 percent of voters favor creating flexible options for people with education debt to make affordable payments depending on their income. 70 percent of voters...
Before the Joint Hearing of the California Assembly Select Committee on Youth and California’s Future and Assembly Banking and Finance Committee Graciela Aponte-Diaz presented the following information in her testimony : First, a snapshot of student loan borrowers, nationally and here in California; Second, highlight major issues with student loan servicing; and Finally, I’d like to provide some policy recommendations for our state to ensure student loan borrowers are treated fairly when trying to repay their loans
Students at Maine’s for-profit colleges carry higher levels of debt, borrow in higher percentages, and have worse repayment rates on that debt compared to their peers at public and private non-profit institutions. Because African Americans, females, and low-income students are disproportionately enrolled in Maine’s for-profit colleges, these poor outcomes fall more heavily on these vulnerable subgroups. This report uses the most recent data released from the U.S. Department of Education (College Scorecard, September 2016) to present a snapshot view of the condition of higher education within...
Students at Connecticut’s for-profit colleges graduate at lower rates than their peers at public and private non-profit institutions. Those who do graduate carry higher levels of debt and higher default rates on that debt. Because African Americans and Hispanics are disproportionately enrolled in Connecticut’s for-profit colleges, these poor outcomes fall more heavily on people of color. This report uses the most recent data released from the US Department of Education (College Scorecard, September 2016) to present a snapshot view of the condition of higher education within the state of...
Petitioners argue that the Budget Rules are arbitrary and capricious and unsupported by either the language of the statute or the record. This is not the case. The record abundantly supports each feature of the Budget Rules. In fact, the Budget Rules are a textbook balancing act by the Federal Communications Commission of the competing goals of the statute: to allow some unconsented-to automated calls to collect federal debt, while protecting call recipients from invasive and costly calls consistent with the purposes of the Telephone Consumer Protection Act (TCPA).
Students at Colorado’s for-profit colleges have less favorable outcomes in comparison to their peers at public and private non-profit institutions according to several key indicators, and the impact is greater on students of color. This report uses the data released from the US Department of Education (College Scorecard, September 2015) and compares public, private, and for-profit institutions (also referred to as “colleges” or “schools”) on the basis of overall enrollment, average demographic makeup, completion rates, and indications of student financial burden post-graduation. Analyzing this...
The Center for Responsible Lending strongly supports allowing former ITT students access to the Guaranty Fund. Over the past few years, CRL has been engaged in research and policy regarding for-profit institutions of higher education. During the 2016 legislative session, the Center for Responsible Lending submitted written testimony in support of SB 427, An Act Concerning Higher Education – Institutions of Postsecondary Education – Consumer Protect Provisions. Effective in a few short days, this bill provides critical front-end protections to Maryland students by ensuring that state students...