Download a table of state student loan servicing laws from the report. (Updated September 2022) Today, 44 million Americans are saddled with student loan debt. They currently owe over $1.5 trillion—an amount which has more than doubled over the last decade. The causes of this exploding debt burden are many: increasing tuition, stagnant wages, the shifting role of federal government...
Democratic primary voters in the states of Iowa, New Hampshire, Nevada, and South Carolina strongly support a tough approach to oversight of Wall Street, according to a new poll conducted by Lake Research Partners and Chesapeake Beach Consulting. Democrats and independents, and even many Republicans share the views of this crucial set of voters. Americans see the need for strong...
Strong majorities across political parties show concern about the level of student debt in the United States and oppose the Department of Education’s (ED) and the Consumer Financial Protection Bureau's (CFPB) recent actions to weaken protections for students, according to a new poll released by Americans for Financial Reform (AFR) and the Center for Responsible Lending (CRL). The poll was...
Download this factsheet for more information on the top three principles against rent-a-bank arrangements: Long Precedent Against Rent-A-Bank Schemes Has Served Banks and Consumers Well. More Recent Rent-a-Bank Arrangements (with FDIC-supervised banks) Include Grossly Irresponsible Loans. Change in Course Would Invite Risk, Backlash, and Erosion of Confidence in Banking System.
Earlier this year, the Consumer Financial Protection Bureau proposed new rules for debt collectors. The proposal authorizes, for the first time, a specific number of communication attempts to collect past-due debts. The rules also authorizes new means of communicating with people to collect debts, such as email and direct messaging, and expands the ability to collect time-barred debt. Download the...
While pursuing higher education is still a pathway to higher incomes over a person’s lifetime, student loan debt threatens to undermine this promise in North Carolina and nationwide. Outstanding student loan amounts have risen at an alarming rate over the past decade, and North Carolina has not been immune from this trend. Today, students and their families face a difficult...
Higher education has long been considered a pathway for advancement in our country. However, the playing field has not been level for low- and moderate-income families and people of color in their pursuit of a postsecondary education. Sadly, the resulting disparities in educational outcomes contribute to the persistent and growing racial wealth and income gaps. Nationwide, trends in the higher...
In the Dodd-Frank Act, Congress required lenders to make a reasonable and good faith determination that the borrower has the ability to repay a mortgage loan (ATR) before the loan is made. It also created a category of loans, called Qualified Mortgages, or QM, that are presumed to comply with the ATR requirement given product and borrower credit characteristics that...
Until 2010, for-profit institutions constituted the fastest growing sector in higher education. Coinciding with this growth, online college courses and programs expanded rapidly, driven initially by the adoption of online technologies by huge for-profit institutions like the University of Phoenix, Grand Canyon University, and Walden University. The business model for the online component of these schools was characterized by institutional...
Explore each of the factsheets below for statistics related to that issue area and suggested reforms that could help to bring financial fairness to all. Auto Lending Debt Collection Mortgages Overdraft Fees Payday Lending Student Debt