We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Student Loans
Publications
- Seven Principles for Fair Student Lending
Consumers Union calls on Congress and regulators to protect students investing in their future
- Issue Brief: What to Do Now to Help Student Loan Borrowers
More and more, students and their families are turning to loans to finance higher education. This comes as no surprise, given that the cost of tuition has increased five-fold since 1985. As a result, student loan debt now exceeds credit card debt, topping $1 trillion outstanding. According to recent estimates, student loan borrowers hold over Continue Reading
- CU Comment on electronic payments for federal financial aid
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- CU urges Senate to pass student loan rate cap extension
Student loans are necessary in order for most students and families to attend college at all
- Factsheet: Don’t Double the Rate on Stafford Loans
Students and families in the U.S. are struggling to afford the skyrocketing costs of a college education, and are now forced to take out record amounts of student loans
- Senate letter to take action to prevent interest rates from doubling on student loan borrowers
The interest rate on subsidized Stafford loans is set to double from 3.4% to 6.8% for new loans starting July 1, 2012
- Dept. of Ed. Releases Forms for PubIic Service Loan Forgiveness Program
On January 31, 2012, the U.S. Department of Education released important new information about how student loan borrowers can certify that they are on track toward qualifying for the Public Service Loan Forgiveness Program (PSLF). The PSLF website now includes an “employer certification” form, to help borrowers make sure that they are meeting the Department’s requirements to qualify for PSLF. Continue Reading
- 6 Tips for Graduating with Less Student Debt
The cost of higher education is skyrocketing, and students often end up graduating with massive debts as a result. Student loan borrowers are also defaulting on their loans at a higher rate than ever before.
- It’s time Washington looks out for us!
If you don’t think it matters having an aggressive watchdog in Washington looking out for consumers, just consider your credit card bill.
The full House just approved a new financial sheriff – now we need the Senate to do the same so we don’t have to endure more abusive tactics. Tell your Senators you want a watchdog who looks out for us.
- High-Cost Credit
Are you in debt with small, short-term loans?
Press Releases
- 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
- Consumers Union Urges CFPB To Adopt Reforms to Assist Struggling Borrowers Repay Private Student Loans
Flexible Re-Payment & Refinancing Needed For Private Loan Borrowers April 5, 2013 WASHINGTON, D.C. – Consumers Union, the policy and advocacy arm of Consumer Reports, urged the Consumer Financial Protection Bureau today to work with private student lenders to make flexible repayment plans and refinancing options available to borrowers. Consumers Union’s proposals are in response Continue Reading
- New legislation looks to strengthen student loan counseling standards
Requiring loan counseling is only one step in making sure students understand the financial impact that their student loans will have
- New Senate Report on For-Profit Colleges Shines Light on Troubling Industry
Senate report shows practices that cost billions while leaving students saddled with debt but without degrees
- CFPB: Private student loans need clearer terms
A new report outlines the deceptive practices in the private student loan business
- Consumers Union hails Congress’ action on student loans, transportation safety
Congress approved to extend current interest rate cap on student loans and fund transportation programs
- Competing Senate bills on student loans rejected
CU urges Congress to find bipartisan solution to fund rate cap that has helped millions of students
- CU: Student loan rate cap should be extended
Interest rates on subsidized Stafford student loans set to double in July unless Congress acts
- Familes need help understanding college financing
CU issues report on how to improve student loan disclosures and counseling
Blog Posts
- CFPB, Senator Warren Urge Student Loan Reforms
This week, a new report by the Consumer Financial Protection Bureau found that student loan debt is having a long term damaging “domino effect” on the economy by making it even more difficult for young adults to purchase their first home, start a small business, and save for retirement. The report identifies a number Continue Reading
- Student Debt Fastest-Growing for Consumers Over 60
This week, the Chronicle of Education reported that older consumers are increasingly struggling with student loan debt. Many of these older borrowers thought they could increase their chances of getting decent jobs by earning an advanced degree later in life, but are struggling to make ends meet instead. In fact, according to data from the Continue Reading
- Borrowers More Wary of Student Loan Debt
As some students face graduation and an uncertain job market this Spring, others are asking tough questions as they consider enrolling for college and taking out student loans. NPR reported yesterday that more students are taking steps to minimize their future debt burdens by asking about the loan process, interest rates, repayment plans and other Continue Reading
- CU Releases “Seven Principles for Fair Student Lending”
This week, we unveiled a bold agenda to make the student loan market work better for students and families trying to invest in their future by pursuing higher education. Our Seven Principles for Fair Student Lending call on policymakers, regulators and schools to take action in the following key areas: Transparency: Lending options should be Continue Reading
- NY Fed Study Finds Student Debt Tripled in Only 8 Years
Today, the Huffington Post reported on a new study from the Federal Reserve Bank of New York that has shocking numbers about the ballooning student debt market. In the years from 2004 to 2012, outstanding student loan debt has roughly tripled in size – all while other forms of debt have shrunk. For example, fewer Continue Reading
- Know Before You Go: Comparing College Costs
In his State of the Union speech this week, President Obama vowed to continue working to rein in the skyrocketing costs of college and help consumers get better information about the costs of attendance. To aid in that effort, the White House has launched a College Scorecard website that allows users to retrieve the net Continue Reading
- Collectors and Lenders Gear Up for CFPB Oversight
While problems in the mortgage industry still dominate the news, some financial industry insiders are warning banks and debt collectors to get ready for more scrutiny over how they handle other types of debt – especially credit cards and student loans. A recent article in the American Bankers Association’s Banking Journal pointed out that since Continue Reading
- CFPB Launches New “Paying For College” Website
Today the Consumer Financial Protection Bureau launched a new interactive site that helps students make smarter decisions about paying for college. From comparing costs at different colleges and applying for financial aid to choosing a bank account and managing student loans, the site offers crucial information about each step of a student’s financial journey through Continue Reading
- Is the Student Loan Bubble About to Burst?
More troubling news about student loans this week: according to the front page of yesterday’s Wall Street Journal, the student debt bubble is growing and more borrowers are struggling to repay their loans. The article cites new numbers from the Federal Reserve Bank of New York showing disturbing trends in the student loan market: U.S. Continue Reading
- Senators Call for End to Student Lending Abuses Hurting Our Troops
Yesterday, Senator Barbara Boxer (D-CA) led a group of 24 Senators in writing to the Executive Director of the Student Loan Servicing Alliance, an industry trade group, urging them to establish best practices to ensure that service men and women have access to the full range of student loan benefits that they are entitled to Continue Reading
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!