Press Releases
June 2, 2023
Washington, D.C.– The Senate voted today in favor of a resolution under the Congressional Review Act (CRA) that seeks to dismantle President Biden's historic student debt relief plan and force millions of borrowers into retroactive repayment of their student loans, including waived interest.
The bill also nullifies the Biden administration’s latest income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF) reforms, and reverses student loan forgiveness already approved for tens of thousands of borrowers under PSLF, immediately creating a financial burden for military service...
May 31, 2023
Washington, D.C.– The Center for Responsible Lending (CRL) noted that a debt ceiling bill which resumes student debt payments – on a shorter timeline than previously announced – creates a repayment burden that reduces the economic security of working Americans still struggling to recover from the negative effects of the pandemic and rising inflation. View CRL’s letter to Congress.
“Restarting student loan payments on the accelerated timeline included in the debt ceiling bill will add thousands of dollars to the average borrower’s loan balance and force many into loan delinquency,” said...
May 24, 2023
Washington, D.C.– The House is expected to vote today on a resolution under the Congressional Review Act (CRA) to repeal President Biden's student debt relief plan, end the current loan payment suspension and require retroactive student loan payments from borrowers, including waived interest.
In addition, using the CRA – a tool that allows Congress to reverse final rules issued by federal agencies – would nullify the Biden administration’s latest income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF) reforms, and reverse student loan forgiveness already approved for tens...
March 23, 2023
WASHINGTON, D.C. – As the Subcommittee on Higher Education and Workforce Development from the U.S. House of Representative holds a hearing today examining the implications of President Biden’s student loan relief policies for borrowers, the Center for Responsible Lending (CRL) is releasing its letter to the Subcommittee that states, in part:
“The current Administration’s policies go a long way toward fixing a student loan system that was already broken. Therefore, we urge the members of this Committee to not only support the Administration’s efforts, but also...
November 23, 2022
Washington, D.C.– The Department of Education (ED) yesterday announced it has extended the pause of student loan repayment, interest and collections through June 30, 2023.
The announcement comes as the administration awaits a requested Supreme Court ruling regarding lawsuits that have prevented its student loan cancellation plan from moving forward.
Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending (CRL), made the following statement:
Tens of millions of student loan borrowers are relying on the courts to uphold the legality of the cancellation plan...
November 18, 2022
Washington, D.C.– The Department of Education (ED) and Department of Justice (DOJ) announced yesterday policy changes to the bankruptcy discharge process for student loan borrowers. The new changes simplify and standardize the process for economically distressed borrowers to discharge their debts.
Whitney Barkley-Denney, deputy director of state policy and senior policy counsel at the Center for Responsible Lending (CRL), made the following statement:
For decades, it has been nearly impossible for students to get their debts discharged through bankruptcy. The announcement is long...
November 1, 2022
WASHINGTON, D.C. – The high burden of student loan debt limits the future financial options of graduates of Historically Black Colleges and Universities (HBCU) and breaks the promise of a college education as a great equalizer, according to a new research report published today by the Center for Responsible Lending (CRL).
The report, “Paying from the Grave,” highlights the impacts of systemic racism on wealth accumulation for families and unequal resource distribution among institutions. The research finds that student debt prevents many HBCU graduates from engaging in wealth-building...
October 26, 2022
WASHINGTON, D.C. – A federal appeals court last week temporarily stopped the Biden administration’s student debt cancellation plan, which is set to provide up to $20,000 in relief to eligible graduates from the nation’s more than 44 million student loan borrowers.
In response, Jaylon Herbin, outreach and policy manager for the Center for Responsible Lending (CRL), made the following statement:
Opponents of student debt relief are trying to prevent millions of Americans, including Black women and low-wealth borrowers disproportionately burdened by student debt, from enjoying wealth-...
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...