student loans

NCUA Tapped to Investigate Predatory Student Loans (Credit Union Times)

According to a media release from the Center for American Progress, the groups sent the letter to NCUA Chairman Debbie Matz Thursday and warned that loans made by federally chartered credit unions, federally insured, state chartered credit unions and CUSOs “may constitute unfair and deceptive trade practices, and threaten the credit unions’ safety and soundness by posing serious credit, reputation and compliance risks.”

The letter accused ITT Educational Services for allegedly developing a scheme to issue high-cost private student loans to its students through a CUSO.

Testimony of Katie Buitrago before the Consumer Financial Protection Bureau Field Hearing on Student Loans

Testimony of Katie Buitrago before the Consumer Financial Protection Bureau Field Hearing on Student Loans. In this testimony Buitrago discussed the impact for-profit colleges have on students’ economic opportunities, with these students graduating with more debt and fewer job opportunities. 

Comment letter to the Consumer Financial Protection Bureau recommending expansion of public student loan data

This comment letter responds to the Consumer Financial Protection Bureau (CFPB) request for information on student loan servicing, in particular its questions on data. The letter draws upon lessons from the Home Mortgage Disclosure Act and the National Mortgage Database in order to make recommendations on expanding public data on student loans.

FDIC must hold Sallie Mae Bank accountable

For-profit colleges are under fire because students often graduate with large amounts of debt and few job opportunities, and because for-profit colleges misrepresent the quality of their programs. Recent Woodstock Institute research shows that for-profit college students often struggle with higher amounts of loans compared to their non-profit and public student counterparts with similar demographic and financial characteristics.

Barack Obama pushes for-profit colleges to the brink (Politico)

Reining in the multibillion-dollar industry has been the administration’s goal for most of President Barack Obama’s term in office, fueled by complaints that for-profit colleges lure students with misleading promises, then saddle them with debts they can’t pay back despite their newly granted degrees. Its latest tool is the Education Department’s long-debated “gainful employment” rule, which requires colleges to track their graduates’ performance in the workforce and eventually will cut off funding for career training programs that fall short. 

Sharing and Connecting at the Community Investment Awards

The event also featured a panel on student debt and its impact on for-profit college students, featuring Katie Buitrago of Woodstock Institute, Rohit Chopra of CFPB, Samuel Levine of the Office of the Illinois Attorney General, Eve Rips of Young Invincibles, and Hannah Moore, a graduate of the for-profit Harrington College of Design. Ms. Moore shared her experiences with accumulating and paying down high levels of student debt.

Community Investment Awards Highlight Secure Choice & Student Loans Report (Illinois Asset Building Group)

Amy Rynell, Senior Director of Research & Policy at Heartland Alliance, accepted Woodstock Institute’s Community Investment Award, stating:

"Without access to easy, convenient tools to build retirement savings more people will experience a reduced quality of life in retirement, putting many at risk of poverty – straining families, communities and the state. Secure Choice will provide many of these workers with the opportunity to save and have a more stable future."

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