CRL in the News

WASHINGTON – The federal government promised college students in 2007 that if they took their degrees and went into a public service profession, they could apply to have whatever student loan debts they still had after 10 years forgiven. So far, the reality has been somewhat different. When the first 29,000 applications were filed with the Department of Education last...

Want to know which banks target people of color for loans with high interest rates, steep fees or reverse mortgages? Or which banks deny home loans to African Americans and Latinos even when their income shows they could easily cover the monthly payment? You won’t be able to find out if new regulations proposed by the Consumer Financial Protection Bureau...

The Consumer Financial Protection Bureau, under President Trump, already has moved to make life easier for payday lenders. It’s expected any day now to do the same for debt collectors. The bureau will unveil proposed rule changes that are likely to include explicit permission for debt collectors to contact people via text and email (and maybe social media). The new...

Consumer advocates on Tuesday endorsed plans to impose a 36% interest rate cap on short-term, small dollar loans—a proposal that could easily accommodate the 28% interest cap of the NCUA’s Payday Loan Alternative Loan program.

Caution: If you're someone who grabs money management tips after a quick read of a headline or two on Twitter, take note. Don't bank on getting a big break yet on your college debt. "College students who are graduating this year should not count on having their student loans forgiven," said Mark Kantrowitz, publisher and vice president of research for...

Ten years after the financial crisis and Great Recession, WalletHub measured the financial literacy of each state. The average grade? No higher than a B, with most states falling in the D+ to B- range. The reason? Little to no financial education. “We don’t learn personal finance anywhere in school —some schools have very limited financial education — so for...

When Ken Pepion paid $10,000 for a recreational vehicle to enjoy in retirement, he expected to own it. But five months after driving off the lot of Scottsdale RV, Pepion still has no proof the vehicle is his. "We tried to get in touch with the dealer. Their phones would ring and ring, but no one would answer," Pepion, a...

Kelly Tornow of the Center for Responsible Lending discusses a new study on the shortcoming of for-profit colleges and the debt-load those students face versus those who attend traditional public four-year institutions. Learn more about the failings of for-profit colleges.

Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans that promise relief but could leave them worse off. Paying off high-rate debt such as credit cards with lower-rate loans may seem like a no-brainer. Unfortunately, many of these loans have hidden costs and drawbacks. And consolidation...

As graduation approached and they started looking for jobs in 2010, Jacqueline Franklin, Jami Reichardt, Bridgette Collins, and about 14 other women at the Sanford Brown Institute in Trevose came to a harsh realization: Their for-profit school wasn’t accredited for its ultrasound program even though they had each borrowed tens of thousands of dollars from the federal government to go...