The Consumer Financial Protection Bureau’s (CFPB) recent enforcement action against Ejudicate, a forced arbitration platform, highlights the urgent need to restrain a practice that hurts millions of consumers. The agency found Ejudicate had misled student borrowers about its neutrality in arbitration and illegally started sham forced arbitrations against those borrowers.
AFR joined a letter urging appropriators to make bold new investments in the Pell Grant program.
AFREF joined a letter to the Dept. of Education applauding the Department for the significant positive impact its proposed changes to the IDR rules could have on student loan borrowers. The proposed rule has the ability to substantially reduce monthly and lifetime payments for millions of borrowers, raise the threshold for protected non-discretionary income, lower the share of discretionary income borrowers have to pay, waive unpaid interest, and decrease time to cancellation.
AFR joined partners as amici in urging the United State Supreme Court in upholding the President’s plan to cancel up to $20,000 in student loan debt for borrowers. This cancellation has the power to shift the racial wealth gap, free borrowers of the weight of student loan debt and potentially plant BIPOC communities on even ground with their white counterparts.
AFREF joined a letter calling on President Biden to extend the payment pause on student loans.
AFREF joined a letter to the CFPB in response to their inquiry on employer-driven debt.
AFREF joined a comment letter in response to the Education Department’s Notice of Proposed Rulemaking on prison education programs, 90/10 and change of ownership.
We are well into the Biden administration and approaching a pivotal time in his Presidency where all hope could be lost on an issue I care a lot about: student debt. We are facing the possible flipping of Congress, student borrowers are in constant flux–unaware of when their loan servicers will be unleashed on them in the midst of a broken repayment system… and I’m afraid. I, like the rest of us, am still waiting for a portion of federal student debt to be canceled, one of Biden’s biggest campaign priorities. And despite the chatter of this announcement being forthcoming, we’re still on standby.
AFFEF joined a letter urging President Biden to extend, expand, and coordinate more closely the current Public Service Loan Forgiveness waiver and Income-Driven Repayment Adjustment in order to fulfill the promise of affordable and manageable loan repayment for borrowers.
AFR joined a letter calling on President Biden to extend the payment pause on student loans until he cancels student debt.