Student Loans

Student loans create debt burdens that impact families for generations. Black Americans in general, and Black and Latina women in particular -- often are forced to take on more college debt than their white counterparts in pursuit of the American Dream. The student debt burden is felt most acutely by attendees of Historically Black Colleges and Universities. CRL successfully led a coalition of advocates that achieved substantial student debt cancellation in 2022. We continue to advocate for higher education policies to protect student loan borrowers and their parents from falling into a cycle of debt that keeps them from engaging in wealth-building activities. 

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Support for the Proposed Enterprise Complaint System

Support for the Proposed Enterprise Complaint System

This letter is in response to the Department of Education's request for comments on the proposed Enterprise Complaint System ("ECS"). As advocates for students, consumers, veterans, faculty and staff, civil rights and college access, the signees believe the systematic tracking and reporting of student and borrower complaints is essential to providing quality customer service, ensuring college and loan servicer and...
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Letters to Congress
Student Loans

Coalition Letter to NCUA July 2015

Coalition Letter to NCUA July 2015

On July 30, 2015, the Center for Responsible Lending joined Higher Ed Not Debt, Consumers Union, Consumer Action, Generation Progress, National Consumer Law Center, Student Debt Crisis, United States Student Association, Veterans for Education Success, and the Woodstock Institute in sending this letter to Debbie Matz, Chairman of the National Credit Union Administration. The letter concerns private student loans to...
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Comment Letter
Student Loans

Seven Ideas for a Fair Student Loan Servicing System

Seven Ideas for a Fair Student Loan Servicing System

The Center for Responsible Lending applauds the CFPB for its continued focus on student loan servicing. Good loan servicing benefits both the borrower and the lender by helping borrowers successfully pay down their loans. As the CFPB holds a field hearing on student loan servicing today in Milwaukee, we offer seven ideas for a fair student loan servicing system: Prevent...
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Research
Student Loans

Safe Student Bank Accounts

Safe Student Bank Accounts

When colleges and banks team up to market bank accounts to students, protecting students' loan funds may take last place in the deal. Instead of helping students find the best account for them, these deals may push students into accounts with high overdraft fees and other harmful features. CRL research shows that overdraft fees alone on these accounts may reach...
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Research
Student Loans

CRL and NCLC Response to CFPB Request for Information on Student Safe Account Scorecard

CRL and NCLC Response to CFPB Request for Information on Student Safe Account Scorecard

In this letter to Consumer Financial Protection Bureau Director Richard Cordray the Center for Responsible Lending and the National Consumer Law Center respond to the agency's Request for Information about the Student Safe Account Scorecard, which would guide colleges to select safe bank accounts if they enter into marketing partnerships with banks. In the letter, the two organizations support the...
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Comment Letter
Student Loans

15 Groups Comment on the CFPB’s Request for Information on Safe Student Account Scorecard

15 Groups Comment on the CFPB’s Request for Information on Safe Student Account Scorecard

Fifteen consumer, student, civil rights, and legal aid groups co-signed a letter to Consumer Financial Protection Bureau Director Richard Cordray in response to the agency's Request for Information about the Student Safe Account Scorecard. The organizations supported the Scorecard and stated: Colleges and universities must begin to put the best interest of students first when negotiation with banks and prepaid...
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Comment Letter
Student Loans

Comment Letter – Group comment on proposed prepaid card amendments to Regulation E

Comment Letter – Group comment on proposed prepaid card amendments to Regulation E

Fifteen student, consumer, civil rights, and labor groups co-signed a letter (4 pages) in support of the Consumer Financial Protection Bureau's proposed rule on prepaid cards. The groups suggest that the new rule would support similar actions by the Department of Education, aimed to protect students using prepaid cards. The groups state: College students are a key segment of the...
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Comment Letter
Student Loans
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