Putting Service Over Profits in the Federal Student Loan Program
April 23, 2015
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Senator Warren and Congressman Cummings recently held a “Tackling Student Debt” hearing in Boston as part of their middle class prosperity project. NCLC’s statement at the hearing highlighted concerns about government profits in the student loan programs. The b
Continue Reading →President Obama Announces a Student Aid Bill of Rights
March 10, 2015
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There is a lot of good news for borrowers in the President’s Student Aid Bill of Rights memorandum. Combined with the recent cancellation of a number of government debt collection agency contracts, the President is showing that his Administration is serious about helping
Continue Reading →Department of Education Cancels Contracts with Five Private Collection Agencies
February 28, 2015
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The Department of Education announced late in the day on Friday that following a review of 22 private collection agencies, the Department will “wind down” contacts with five agencies that were “…providing inaccurate information to borrowers.” The f
Continue Reading →What is on the Department of Education’s Negotiated Rulemaking Agenda?
February 23, 2015
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The Department of Education’s latest round of negotiated rulemaking begins tomorrow. The Department has set out a limited, but important agenda, focusing on income-driven repayment and benefits for military service members. Specifically, the Department has said that t
Continue Reading →What are the new rules for PLUS loan credit checks?
January 27, 2015
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Unlike other federal student loans, there is a “credit check” requirement for both parent and graduate/professional PLUS loans. The “credit check” basically requires that PLUS loan borrowers show that they do not have adverse credit histories. There
Continue Reading →Student Loans in 2014: What a Year!
December 18, 2014
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We thought last year was a busy year in the student loan world (and it was) but this year was even busier. As The Institute for College Access and Success (TICAS) and others have reported, student debt burdens continue to increase. The Obama Administration
Continue Reading →The Beginning of the End of Abusive Student Loan Debt Relief??
December 11, 2014
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We support today’s action taken by the CFPB and the Florida Attorney General to shut down College Education Services and in a separate CFPB action to file a lawsuit against Student Loan Processing.US, student loan “debt relief” businesses. NCLC highlighted concerns a
Continue Reading →CFPB Should Keep Speaking Loudly on Student Loans
December 09, 2014
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The Wall Street Journal reported last week on the Consumer Financial Protection Bureau’s focus on problems in the student loan market. The article highlighted the work of Rohit Chopra, “the nation’s student-loan watchdog.” Apparently, Mr. Chopra’s w
Continue Reading →Putting Some Teeth in Student Loan Servicing Reform
November 09, 2014
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The National Consumer Law Center’s annual conference wrapped up this weekend. We were honored to have a number of top federal student aid regulators at our conference this year. We wrote about Treasury Deputy Secretary Sarah Bloom Raskin’s speech in a separate
Continue Reading →Deputy Secretary Raskin Speaks About the Importance of Student Loan Servicing and Collections
November 07, 2014
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The National Consumer Law Center had the honor yesterday of hearing U.S. Treasury Deputy Secretary Sarah Bloom Raskin speak about the critical importance of student loan servicing and collection. Specifically, Deputy Secretary Raskin stated: “From our experience in the mor
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