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Press Releases

May 10, 2022
WASHINGTON – New research released today by the Center for Responsible Lending (CRL) shows that cancelling $10,000 of federal student loan debt—the minimal amount most often discussed— would only retire 22 percent of Black student debt and 28 percent of Latino debt. It would also provide similarly limited relief to other borrowers, including first generation college students and those already unable to pay their student debt. In contrast, larger levels of cancellation would provide substantial relief for low-wealth and low-income borrowers who need it the most. For example, $50,000 of...
April 19, 2022
WASHINGTON, D.C. – The U.S. Department of Education announced today changes to its income-driven repayment (IDR) programs that will allow thousands of borrowers to receive immediate relief. About 40,000 borrowers are also scheduled to have their loans cancelled through the Department’s Public Service Loan Forgiveness (PSLF) program. In response, Jaylon Herbin, outreach and policy manager at the Center for Responsible Lending (CRL), made the following statement: We are pleased that thousands of borrowers will benefit from this long-awaited policy change that will finally provide low-...
April 6, 2022
WASHINGTON, D.C. – The Biden Administration announced today that it will extend the federal student loan payment pause until August 31st, 2022. In response, Jaylon Herbin, outreach and policy manager at the Center for Responsible Lending (CRL), made the following statement: The latest extension of the federal student loan payment pause signals the need for a more permanent solution – specifically, widespread student loan cancellation – for the nation’s $1.7 trillion student debt crisis. While we applaud the Administration for allowing borrowers who were in delinquency or default to...
March 31, 2022
WASHINGTON, D.C. — Borrowers using both federal student loans and Income-Share Agreements (ISAs) could pay as much as 25 percent of their discretionary income in repayment for a decade, according to a report published today by the Center for Responsible Lending (CRL). The report also found that ISA underwriting criteria could lead to negative impacts for women and people of color. Marketed as innovative alternatives to student loans, ISAs are private loan products that allow lenders to require students to make payments in exchange for a percentage of their future earnings for a fixed...
February 9, 2022
IDR program has failed borrowers for decades, organizations contend, calling on the Education Secretary to fulfill broken promises WASHINGTON, D.C. — Today, a group of 104 diverse advocacy organizations, including American Federation of Teachers (AFT), National Education Association (NEA), and UnidosUS, sent a letter to the Biden administration, calling on U.S. Secretary of Education Miguel Cardona to reform broken, dysfunctional income-driven repayment (IDR) programs with the creation of an IDR restoration project or waiver. While student loan cancellation under IDR has been possible...
January 13, 2022
Washington, DC – Today, Navient, one of the largest student loan servicers in the country, reached a $1.85 billion settlement with 39 states over predatory student loan practices. In response, the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) released the following statement: Navient’s history of steering borrowers into high-cost, long-term forbearances instead of placing them in affordable income-driven repayment (IDR) plans harmed millions of borrowers nationwide—many of whom were borrowers of color and low-income students. This settlement...
January 12, 2022
Advocates Outline Path for the Biden Administration to “Do its Part” in Fixing IDR Washington, DC -Today, the Center for Responsible Lending, Student Borrower Protection Center, and National Consumer Law Center released a whitepaper outlining why the U.S. Department of Education (ED) must act now, before the payment pause ends, to provide relief for the millions of federal student loan borrowers who have never seen the promise of income-driven repayment (IDR) forgiveness. This report outlines how the Biden administration can cut through the red tape that has long stymied the IDR program...
December 22, 2021
79 Groups Ask CFPB to Provide Much Needed Oversight for Emerging Credit Products WASHINGTON, D.C. — The Center for Responsible Lending, Consumer Federation of America, National Consumer Law Center, Student Borrower Protection Center, and 75 additional organizations called for Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to carefully examine fintech credit products and fee models that are evading consumer protection laws and creating debt traps for consumers. Read their letter. The groups applauded the CFPB for its recent inquiry into five large buy now, pay later...
December 22, 2021
WASHINGTON, D.C. – The Biden Administration announced today that it will extend the federal student loan payment pause until May 1st, 2022. In response, Jaylon Herbin, outreach associate at the Center for Responsible Lending (CRL), made the following statement: We commend the President for safeguarding student loan borrowers at a time of profound economic uncertainty. The extension of the payment pause is a critical step toward restoring economic stability for borrowers and their families. We urge the Biden Administration to continue extending the payment pause until the pandemic and the...
November 9, 2021
New research and documentary film illuminate heavy debt burdens and financial struggles of Black graduates of HBCUs WASHINGTON, DC (Nov. 9, 2021) — More than 87% of Black students who attend historically Black colleges and universities (HBCUs) strongly support debt cancellation. In addition, more than 90% of Black borrowers support other policy solutions to address the institutional funding disparities and lack of family wealth that leave Black HBCU graduates with significantly higher student loan debt burdens than their White peers, according to a national study and focus groups conducted...

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