Tag Archives: Student Lending

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Joint Letter: Corinthian Students Deserve Federal Loan Relief, Say AFR and 33 Cosigners

“Given the extensive evidence of widespread fraud at Corinthian Colleges, we believe all current and former students deserve federal loan discharges. We are particularly concerned that students whose entitlement to federal loan discharges is crystal clear – those recently enrolled in the 30 Corinthian campuses that closed on Monday – are being given incomplete, incorrect, and harmful information about their options from Education Department staff as well as from schools that do not have these students’ best interests in mind. “

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AFR Statement: We Welcome the President’s Call for a “Student Aid Bill of Rights”

“AFR urges swift adoption of these changes, along with further measures to deal with the burden of student loan debt. The complaint system is one of a number of places we think steps can and should be taken ahead of the deadlines laid out by the Administration. While the Department is establishing a full system for dealing with complaints, which should be comprehensive, it should partner with the CFPB so that borrowers can immediately use that process to submit complaints about federal student loans (as they already can about private loans).”

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AFR and Allies Call for Congressional Action on Student Loan Products and Servicing

“Against the backdrop of $1.2 trillion dollars in outstanding student loan debt that is currently dragging on individual borrowers and the economy more broadly, it is imperative that our federal lawmakers take steps to change banking and financial firm practices that contribute to that debt burden.” – joint letter to Senate Committee on Banking, Housing, and Urban Affairs.

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AFR Statement: The Senate Looks at Student Loan Debt

40 million Americans currently owe some $1.2 trillion in student loan debt, which is making it hard for people to buy cars, homes, and even daily necessities. In one recent survey, 29 percent of borrowers said that student loans had caused them to delay getting married…

So this is a problem that fully deserves the double-barreled attention it is getting from the Senate. And more: it deserves meaningful action from regulators and legislators alike.

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AFR Calls for Strong Action Against For-Profit Colleges that Exploit Students and Federal Aid

“We strongly support the Department of Education’s efforts to keep federal funds from being used to support career education companies that routinely fail to deliver on their promises, leaving students with unmanageable debt. We urge you to stand by the thrust of the regulations the Department proposed in March, and to bolster those regulations in several key ways.”

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AFR in the News: Obama To The Rescue On Federal Student Loans, But What About Private Loans?

Obama To The Rescue On Federal Student Loans, But What About Private Loans? – Eva Pereira (Forbes)

“The new Consumer Financial Protection Bureau (CFPB) aims to make the education lending market much more transparent with its KnowBeforeYouOwe project, but for those already knee deep private debt, there is little recourse. Several distressed borrowers shared their private loan struggles on a recent call organized by the Americans for Financial Reform, a consumer rights coalition.”