CRL in the News

“We commend the Biden-Harris administration for its continued efforts to make student loan repayment fairer for consumers,” said Nadine Chabrier, senior policy and litigation counsel at the Durham-based Center for Responsible Lending. “Congress never required the Department of Education to capitalize most interest on these loans; so, it’s well past time to make things right for the millions of affected...

That revelation stems from a fresh Center for Responsible Lending (CRL) analysis. In its “Not Free: The Large Hidden Costs of Small-Dollar Loans Made Through Cash Advance Apps” report, the CRL examined transactions tied to five companies: Brigit, Cleo, Dave, EarnIn, and FloatMe. A nonprofit research and policy group, CRL examined the activity of regular app users. Per a news...

Whitney Barkley-Denney, deputy director of state policy at the Center for Responsible Lending, told DailyMail.com: 'This situation was due, in part, to unsuccessful marketing efforts, but also because servicers were not required to inform consumers about the program and their ability to qualify for it. 'This led to borrowers being placed in deferment after deferment, even if their repayment under...

The message was well-received by leadership at the Center for Responsible Lending (CRL). “We applaud the administration’s commitment to eliminating unnecessary junk fees in higher education and contributing to a fairer, more equitable student loan repayment system,” said CRL Federal Campaigns Director Jaylon Herbin. “These efforts represent a crucial step toward enhancing access to education for all borrowers, including low-income...

“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.