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Press Releases

August 31, 2022
WASHINGTON, D.C. – A new Morning Consult poll commissioned by the Center for Responsible Lending (CRL) found that the federal student loan payment pause has helped struggling borrowers pay for daily living expenses and other debts. Of those surveyed, 37% said the payment pause helped them pay for gas, food and transportation while 31% said it helped them pay for credit card debt, personal loans, among others. The poll also found strong bipartisan support for a wide range of actions to help students with the cost of managing debt. “While President Biden’s recent cancellation plan has given...
August 24, 2022
WASHINGTON, D.C. – The Biden Administration announced today that it will cancel $10,000 of student loan debt for borrowers who earn less than $125,000 as individual tax filers and $20,000 for Pell Grant recipients, providing billions in relief to the nation’s borrowers. The administration will also extend the federal student loan payment pause through December 31, 2022. In response, Jaylon Herbin, outreach associate and policy manager for the Center for Responsible Lending (CRL), made the following statement: We applaud President Biden for being the first sitting president to cancel...
August 17, 2022
Washington, D.C. – The U.S. Department of Education announced yesterday that it will discharge all remaining federal student loans for borrowers who attended ITT Technical Institute (ITT) from January 2005 through September 2016. The relief, $3.9 billion in total, will benefit about 208,000 borrowers. In response, Jaylon Herbin, outreach and policy manager for the Center for Responsible Lending (CRL), made the following statement: We applaud the administration for providing relief to the tens of thousands of former ITT Tech students who had been defrauded by their school. However,...
June 27, 2022
COVID-19-fueled unemployment and the student debt crisis disproportionately impact women of color. Washington, D.C. — The COVID-19 pandemic exacerbated gender disparities and left millions of women in a precarious financial situation. Its disproportionate impact on Black women and other women of color reduced their ability to repay their outstanding student debt, according to a new report by the Center for Responsible Lending (CRL). The research studied focus groups with women who lost a job during the pandemic. “We already knew that women of color bear the brunt of financial...
June 21, 2022
Advocates highlight benefits of cancellation to all borrowers, and particularly to Black and women borrowers, who bear the brunt of the debt burden. Washington, D.C. – Sixty civil rights, faith, community and consumer advocacy organizations are urging President Biden and Vice President Harris to use executive action to cancel $50,000 of student loan debt per borrower immediately to stimulate the economy, bridge the racial wealth gap and alleviate the financial suffering of millions of Americans. A letter, signed collectively, was sent to the White House Friday evening. “The Biden-...
June 2, 2022
WASHINGTON, D.C. – The Biden administration recently announced it would cancel all outstanding federal student loans held by 560,000 former Corinthian Colleges students. Center for Responsible Lending Senior Policy Counsel Whitney Barkley-Denney made the following statement: We applaud President Biden and Vice President Harris for this move. Tens of thousands of former Corinthian students who had been defrauded by their school, and left wondering for years how they’d recover the money they lost, are now at ease. The administration now needs to immediately cancel $50,000 of student...
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...

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