Tag Archives: Student Lending

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AFR in the News: Corinthian students may have a clearer path towards debt relief (Washington Post)

“The pace of relief for wronged Corinthian students…remains far too slow, and its scope frustratingly narrow,” said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. She pointed out that only students who took out loans after July 2010 are eligible for debt cancellation, which excludes borrowers with old bank-based federal student loans.

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AFR in the News: Corinthian students may have a clearer path towards debt relief (Washington Post)

“The pace of relief for wronged Corinthian students…remains far too slow, and its scope frustratingly narrow,” said Alexis Goldstein, senior policy analyst at the progressive Americans for Financial Reform. She pointed out that only students who took out loans after July 2010 are eligible for debt cancellation, which excludes borrowers with old bank-based federal student loans.

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AFR in the News: Corinthian students to receive $28 million in loan forgiveness (Washington Post)

“Alexis Goldstein, senior policy analyst at Americans for Financial Reform, says the department has done a poor job of reaching out to Corinthian students who might be eligible for relief… ‘[T]he department should be pursuing a much more comprehensive, multi-pronged outreach strategy in order to ensure that all students victimized by Corinthian are aware of their legal right to pursue debt cancellation.’”

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AFR Statement: Education Department Must Do More for Former Corinthian Students

“We welcome the news… that 1,312 former students of Heald College – part of predatory for-profit chain Corinthian Colleges Inc. – will finally see the debt cancellation they have long been promised. But we remain gravely concerned by the Department’s unjustifiably narrow approach to debt cancellation, which if it continues unchanged may leave hundreds of thousands of students burdened with debts foisted on them by deceptive and abusive practices.”

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AFR in the News: Education Dept. Readies Debt-Forgiveness Plan for Ex-Corinthian Students (Chronicle of Higher Ed)

“‘These students were playing by the rules, sacrificing to get an education and improve their own and their families’ lives,” said Lisa Donner, executive director of Americans for Financial Reform, a coalition of groups formed in the wake of the 2008 financial crisis. “They should not be buried in debt for a scam that the Department of Education allowed to continue, even once fraud and abuse were clear.”

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Joint Petition: 78,000 Individuals and 50 Organizations Tell Dept. of Education to Grant Debt Relief to Corinthian Students

“Yesterday, more than 78,000 individuals as well as 51 national and local consumer, labor, and community groups sent a clear message – exressed in a set of petitions and letters to Secretary of Education Arne Duncan – that the U.S. Department of Education (the Department) has a duty to cancel the federal student loans of all borrowers harmed by Corinthian Colleges without requiring each one to prove Corinthian’s fraud. “

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AFR Statement at CFPB Field Hearing on Student Loan Servicing

“The CFPB should use the authority that it has to make sure that borrowers are treated fairly, and that they get the information they need to take advantage of any repayment plans available to them. This means that abusive, profit-increasing practices that are banned in other consumer debt industries, but are still used by companies that collect payments on private student loans, must be curbed.”