There's a great new resource for borrowers, developed by the National Consumer Law Center with our support. Student Loan Borrower Assistance is a comprehensive, independent source of practical consumer and legal information for borrowers, their families, and advocates. The site features straightforward information about getting out of default, dealing with collection agencies, finding an affordable repayment plan, and other important issues. It also has valuable resources not found elsewhere on the web, like policy briefs and legal case studies.
New Pledges to Limit Loans
A major announcement from Harvard last week focused attention on schools that commit to limit student loan debt for low- and middle-income families. Several other schools have followed by announcing similar programs, which we track and analyze online as part of our Pledges initiative. But it's not just the Harvards of the world that can afford to limit the use of loans for at least some students – our regularly updated list includes public universities in more than ten states and smaller private colleges across the country.
Following Through on Fair Loan Payments
Now that Income Based Repayment is the law of the land, the Department of Education is going to focus on the operational details. We’re working hard to ensure that IBR, public service loan forgiveness, and other new policies in the College Cost Reduction and Access Act are as easy-to-use and beneficial as possible. Read about our regulatory suggestions in this testimony to the U.S. Department of Education. And we'll keep you updated about what’s at stake for borrowers in the regulatory process.