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Press Releases

April 13, 2021
Washington, D.C. — Today, over 415 organizations sent an updated letter to President Biden and Vice President Harris, calling on them to use executive authority to cancel federal student debt immediately. In the letter, the 416 advocacy groups highlight that cancelling student debt would stimulate the economy, help reduce racial wealth gaps, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy.” Further, this action would be an...
March 18, 2021
Borrower Bill of Rights Would Provide Oversight of Loan Servicers St. Paul, MN — A student debt crisis of epic proportions is causing stress and strain for Minnesotans who are struggling to repay their loans and putting off other bills, according to a Morning Consult survey commissioned by the Center for Responsible Lending (CRL) and Education Minnesota (EDMN). Three-quarters of respondents report stress from their student loans, and results indicate that student loan servicers are not providing crucial information to help borrowers manage their payments. From the survey:...
March 8, 2021
WASHINGTON, D.C. – Last week, Dr. Miguel Cardona was confirmed as the Secretary of Education by the U.S. Senate. Federal Advocacy Director for the Center for Responsible Lending (CRL) Ashley Harrington made the following statement: Secretary Cardona’s confirmation bodes well for student borrowers, millions of whom are bearing unmanageable student debt as a result of federal policy choices and failures. We look forward to working with Secretary Cardona to reboot a system that has diminished the promise of higher education as a pathway to the American dream. We appreciate his acknowledgement...
February 22, 2021
WASHINGTON, D.C. – Today, President Biden and the Small Business Administration announced several important improvements to the Paycheck Protection Program (PPP) designed to help small businesses survive the pandemic economy. The $800 billion PPP had structural flaws since its inception that favored larger, more well-resourced businesses. Nearly 95% of Black-owned firms and 91% of Latino-owned firms have no employees beyond the owners, as compared to 78% of white-owned firms. Starting this Wednesday, February 24, PPP approvals will be restricted to businesses with 20 or fewer employees for...
February 22, 2021
WASHINGTON, D.C. – Today, President Biden announced several fixes to the rules of the Paycheck Protection Program (PPP), including one that will ensure a more accurate determination of the level of small business relief that sole proprietors and independent contractors need and are entitled to receive. Over 100 organizations supporting African American, Latino and immigrant-owned businesses recently called for immediate changes to ensure that relief gets to the business owners who need it the most. This important change will help millions of small business owners across the country,...
February 10, 2021
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) released an analysis that connects the dots between student loan default and delinquency rates among Black and Latino business owners and barriers to accessing Paycheck Protection Program (PPP) loans intended to keep small businesses alive during the pandemic. Over 800,000 self-employed people were behind on their student debt before the pandemic and may be ineligible or have the perception that they are ineligible for the relief they need to survive in a faltering economy. Because of structural inequities including racial...
February 3, 2021
WASHINGTON, D.C. – Today, the Center for Responsible Lending (CRL) filed a brief in the Supreme Court in support of Thelma McCoy's petition to have the court take up undue hardship discharge for student debt in bankruptcy. Currently and for some time, different courts of appeal have split in how they interpret what is "undue hardship," with some courts taking a holistic "totality of the circumstances" approach and others following a rigid, demanding test known as the Brunner test. A number of courts representing some of the Blackest areas in the country such as the Fifth Circuit, have...
January 15, 2021
WASHINGTON D.C. - Action Center on Race and the Economy (ACRE), American Civil Liberties Union (ACLU), Americans for Financial Reform, Center for Responsible Lending, the National Association of Consumer Advocates, Student Debt Crisis, and Young Invincibles made the following statement on President-Elect Biden’s American Rescue Plan: The absence of a legislative request to cancel student debt heightens the urgent need for President-Elect Biden to cancel student debt administratively. Overwhelming research shows that student debt cancellation would provide dramatic relief particularly in...
January 15, 2021
Washington, D.C. — Today, more than 325 organizations sent an updated letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. In the letter, more than 325 nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce racial wealth gaps, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44...
January 8, 2021
Action Center on Race and the Economy, American Federation of Teachers, Americans for Financial Reform, the Center for Responsible Lending, the Center for Law and Social Policy (CLASP), NAACP, National Consumer Law Center (on behalf of its low-income clients), Student Debt Crisis, and Young Invincibles made the following statement: We welcome the announcement that President-Elect Biden plans to extend the student loan payment pause. However, we encourage him to take immediate executive action on student debt cancellation. We know President-Elect Biden realizes how important student debt...

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