CRL provided a comment for the record on some of the issues covered in the Senate Banking Committee's hearing, "Financial Products for Students: Issues and Challenges" held on July 31, 2014. Students must make important choices related to how much they borrow and from what source, as well as how to conduct every day financial transactions and receive financial aid funds. In addition, standards should be enacted to ensure borrowers' loans are serviced in a fair and appropriate manner, and to safeguard a borrower's ability to seek redress when wronged. We detail our concerns related to these issues, and recommendations to protect students from predatory and unfair practices.
August 1, 2014