Graduated from Bentley University, first in my family to go to college and did not have any guidance on how to pay for it. I got the bill, I filled out the Sallie Mae application to get what I needed. It has completely ruined my life – I can’t go back to continue my education, Continue Reading
- CU Comments of CFPB’s “Safe Student Account” Initiative
Consumers Union, the policy and advocacy arm of Consumer Reports, appreciates the opportunity to comment on the Bureau’s initiative to create a “Safe Student Account Scorecard” for schools to use when negotiating campus banking agreements with financial institutions. We believe this initiative is an important step toward improving the quality and transparency of campus banking Continue Reading
- Comments to Dept. of Education on Improving Federal Student Loan Servicing
Re: Request for Information – Title IV Student Loan Servicing Consumers Union, the policy and advocacy arm of Consumer Reports, appreciates the opportunity to comment in response to the Department’s Request for Information (RFI) regarding the Title IV Student Loan Servicing system. We urge the Department to use this opportunity to improve borrowers’ experiences Continue Reading
- Comments to the Dept of Education Urging Expanded Access to Pay As You Earn, Other Student Loan Reforms for Negotiated Rulemaking
November 4, 2014 Wendy Macias U.S. Department of Education 1990 K St. NW, Room 8017 Washington, DC 20006 Re: Negotiated Rulemaking Committee; Public Hearings (Docket ID: ED-2014-OPE-0124) Dear. Ms. Macias: Consumers Union, the policy and advocacy arm of Consumer Reports®, appreciates the opportunity to comment on the Department’s plans to engage in further negotiated Continue Reading
- Comments to Dept. of Ed. on Definition of PLUS Adverse Credit
Dear Secretary Duncan: Consumers Union, the policy and advocacy arm of Consumer Reports®, appreciates the opportunity to comment regarding the Department’s Notice of Proposed Rulemaking to revise the definition of “adverse credit” for the PLUS loan program. We appreciate the Department’s efforts to balance access to funds with consumer protections. However, as we previously stated Continue Reading
- Campus Banking Products: College Students Face Hurdles to Accessing Clear Information and Accounts that Meet Their Needs
College students face a variety of options on campus for accessing financial products. As regulations around the marketing of private student loans and school-branded credit cards have tightened in recent years, financial firms have increasingly marketed campus banking products to colleges, universities, and their students. Financial aid refund disbursement services, student ID cards linked to Continue Reading
- CU calls on Dept. of Ed. to Hold For-Profit Colleges Accountable with a Strong Gainful Employment Rule
May 27, 2014 Hon. Arne Duncan, Secretary U.S. Department of Education c/o Ashley Higgins 1990 K Street NW, Room 8037 Washington, DC 20006 RE: Program Integrity – Gainful Employment [Docket ID: ED-2014-OPE-0039; RIN: 1840-AD15] Submitted via email: firstname.lastname@example.org Dear Secretary Duncan: Consumers Union, the policy and advocacy arm of Consumer Reports®, appreciates the opportunity to Continue Reading
- CU Urges Dept. of Education to Protect College Students Using Campus Debit Cards
This memo explains the varying protections that apply to debit and prepaid cards, and urges the Department of Education to provide strong protections to students using “campus debit cards” to access their financial aid. Read full memo here.
- Degrees of Debt: Stories from Student Loan Borrowers Highlight Urgent Need for Reform
New CU report features stories from student loan borrowers and offers policy recommendations to restore fairness to the student loan system.
- Comment letter to the Department of Education urging protection of students from subsidizing poor-quality career education programs
Consumers Union urges the Department to redouble its efforts to implement a strong gainful employment rule, as well as prevent evasion of other laws meant to protect students and taxpayers from shoddy programs. We also encourage the Department to closely monitor developments in the market for campus debit cards, and to work with the Consumer Financial Protection Bureau to ensure that all debit cards receiving student aid funds have strong, guaranteed protections.
- Seven Principles for Fair Student Lending
Consumers Union calls on Congress and regulators to protect students investing in their future
- CU to CFPB: Some colleges may be violating credit-card law
Thursday, February 19, 2015 Consumers Union to CFPB: Some colleges may be violating credit-card law CARD Act requires colleges to make credit-card marketing agreements available to public, but none of the schools contacted by CU could provide information Washington, D.C. — Some colleges and universities may be violating federal law by failing to make their Continue Reading
- Consumers Union urges Department of Education to enact student loan reforms
Consumers Union called on the Department of Education to enact a number of reforms that will help students better manage loan debt and protect them from career education programs that fail to provide the training they need to succeed.
- Consumer Financial Protection Bureau cracks down on for-profit Corinthian Colleges for alleged “predatory lending scheme”
Consumers Union praised the Consumer Financial Protection Bureau for its tough action against the for-profit college chain Corinthian Colleges, Inc.
- Consumers Union urges Senate to approve student loan refinance bill
CU urged senators to support legislation that would allow those with outstanding student loan debt to refinance at the lower interest rates currently offered to new borrowers.
- Consumers Union praises White House action to ease burden of student loan debt
President Obama took actions to ease the burden of college loan debt for millions of Americans, including an executive order to expand the number of people who can take advantage of a law that lowers student loan payments to 10 percent of their monthly income.
- CU applauds federal regulators for penalizing Sallie Mae for violating servicemember student loan protections
Action no protect all student loan borrowers from loan servicing abuses
- CFPB to supervise the largest nonbank student loan servicers
Consumers Union urges the CFPB to take action against unfair loan servicing abuses and to adopt other reforms to protect borrowers
- Consumers Union renews call for student loan reforms
CU spells out urgently needed reforms in a policy brief highlighting recent research on the mounting student loan debt crisis and stories from consumers struggling to finance college and pay off record-high debt.
- CU urges stronger oversight of for-profit colleges
Tighter rules needed to ensure students & taxpayers get good return on investment in higher education
- CFPB report highlights staggering student loan burden and options for making repayment more affordable
Consumers Union urges policymakers to enable students to refinance high interest loans and negotiate affordable repayment plans
- Victory! Dept of Ed Proposes Tough New Rules for Campus Banking Products
Good news for college students! Today, the Department of Education announced proposed regulations to crack down on aggressive marketing practices and high fees associated with campus banking products. These accounts can be aggressively pushed onto students as the “preferred” option for receiving financial aid and managing money, only to end up nickel-and-diming students out of Continue Reading
- CFPB Answers Our Letter About Possible CARD Act Violations at Schools
We recently told you about our investigation into whether colleges and universities with credit card marketing agreements were making their agreements available to the public. Using information from the CFPB’s college credit card database, we contacted 10 schools with the largest active account volume that did not post their agreements or offer guidance for how Continue Reading
- President Calls for “Student Aid Bill of Rights”
If you’ve got student loans, you know how complex and overwhelming the financial aid system can be – and how tough it is to navigate your way to the best options for paying for college. Luckily, the President appears to be stepping up efforts to stop the madness. Yesterday, the Obama Administration announced a sweeping Continue Reading
- CU Says Colleges May Be Violating CARD Act; Will Colleges Respond?
In the 2000s, colleges and credit card companies got a lot of flack for entering into agreements to aggressively market credit cards to students on campus. After the 2008 financial collapse, Congress passed the CARD Act – which, among other things, requires all schools with credit card agreements to make them available to the public. Continue Reading
- More Millenials Still Living with Parents – Thanks to Student Debt
Things are supposed to be looking up these days – more jobs and economic growth are good news, right? But there’s still a huge problem facing “millenials,” or people aged 25 to 34: student debt is making it harder for them to scrape together enough money to move out of the family basement. The New Continue Reading
- Feds Get $480 Million in Relief for Corinthian College Students
This week brought big news for students who’ve attended the infamous Corinthian Colleges, which operate under the names Heald, WyoTech and Everest. The Consumer Financial Protection Bureau (CFPB) and the Department of Education announced a $480 million deal with ECMC, the company that’s buying up several Corinthian campuses, to bring immediate relief to past and Continue Reading
- CFPB Announces “Scorecard” For Campus Banking Products
In a new effort to protect students being marketed campus banking products, the CFPB announced today that it is developing a “Safe Student Account Scorecard” for schools. The Scorecard will give schools a roadmap to negotiating a better deal for students when choosing a financial institution to offer bank accounts or prepaid cards on campus. We’ve Continue Reading
- Thirty-Five Things in 12 Months: CFPB Working for You–2014 in Review
As this year comes to a close, we wanted to take a moment to highlight some of the many actions the CFPB has taken to defend your rights as a consumer of financial services and products. The CFPB has a tough job, as we all know, and they’ve done it well. They are an indispensable Continue Reading
- CU and Others Urge Feds to Protect Students During Sale of For-Profit College Campuses
Corinthian Colleges, the for-profit college chain that operates Heald, Everest and WyoTech campuses, has made the headlines a lot lately for their financial troubles and questionable college programs – not to mention being sued by the CFPB recently for its student loan practices. Now they’re poised to sell 56 of their failing campuses – but Continue Reading
- CFPB Takes Action to Shut Down Illegal Student “Debt Relief” Scams
Big news today from the CFPB! – they are putting an end to two student “debt relief” scams that illegally tricked borrowers into paying upfront fees for federal loan benefits. The CFPB, in a joint filing with Florida’s Attorney General, shut down student debt relief company College Education Services and separately filed a lawsuit against Student Loan Continue Reading