CRL in the News

“We fully support the administration’s commitment to increasing the Pell Grant,” said Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending. “This move signifies a crucial step toward enhancing access to education for all borrowers, but especially borrowers of color in underserved communities,” Herbin said.

Borrowers with federal student loan balances that have ballooned and are now exceeding the original amount borrowed may qualify. Nadine Chabrier, a senior policy and litigation counsel at the Center for Responsible Lending, told CNBC there are a variety of reasons this may be the case — and that, “Unfortunately, it is very common.”

“Targeted first-generation down-payment assistance would open doors of opportunity for families who have not benefited from intergenerational transfer of wealth,” Mike Calhoun, president of the Center for Responsible Lending, said in a statement.

The Center for Responsible Lending noted that the down payment assistance the White House wants mirrors a prior proposal it made, as well as the Downpayment Towards Equity Act that passed the House of Representatives in 2021. "Targeted first-generation down payment assistance would open doors of opportunity for families who have not benefited from intergenerational transfer of wealth," said Mike...

This effort addresses the challenges faced by many borrowers who, due to complex regulations and mismanagement by loan servicers, have continued making payments beyond the 20 or 25-year forgiveness threshold set by income-driven repayment plans. Nadine Chabrier from the Center for Responsible Lending highlights that financial disincentives for loan servicers have contributed to a lack of transparency about these forgiveness...

Borrowers with outstanding federal student loan balances that exceed what they originally borrowed may be among those who qualify for the cancellation. A person's student debt can balloon for a number of reasons, said Nadine Chabrier, a senior policy and litigation counsel at the Center for Responsible Lending.

According to a recent report from the Center For Responsible Lending, borrowers making payments on their student debt who enroll in SAVE could see their ratio fall somewhere between 1.5% to 3.6%. The SAVE plan increases the income exempted from your payment calculation to 225% of the poverty line, from 150%. This means that for single people, approximately the first...

Under the U.S. Department of Education’s income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 years or 25 years. Yet many have not seen that promised relief. “This is due, in part, to strong financial disincentives for student loan servicers to inform consumers about the program and their ability to qualify...

"Financial institutions had encouragement from the federal government not to lend to majority minority communities. Banks were empowered to decline loans from people of color," said Mitria Spotser.

The second panel on solutions to assist first-time home buyers was moderated by NAR Vice President of Policy Advocacy Bryan Greene, with Katrina Jones, Fannie Mae's vice president of equity and impact; Michael Calhoun, Center for Responsible Lending; George Fatheree, "Bruce's Beach" attorney and ORO Impact founder; and David Berenbaum, deputy assistant secretary for housing counseling at the Department of...