TICAS Statement on Final Senate Report on For-Profit College Industry
July 30, 2012 – Statement from Lauren Asher on the report from the Senate Health, Education, Labor and Pensions (HELP) Committee’s two-year investigation of the for-profit college industry, which makes the urgent need for reform abundantly clear.
New Federal Report Underscores Need for Private Student Loan Reforms
July 20, 2012 – Press release on the report released by the federal Consumer Financial Protection Bureau (CFPB) and U.S. Department of Education, which sheds much-needed light on the private student loan market and the urgent need for reforms.
Private Student Loan Borrowers Finally Have a Place to Turn for Help
March 5, 2012 – Statement of Pauline Abernathy on the launch of the Consumer Financial Protection Bureau’s consumer response function. Students and private loan borrowers finally have a place to turn to for help, whether they are just considering taking out a private loan, they are having problems repaying their private loan, or they are managing a loan that has gone into default and may have been referred to a debt collector.
Bankruptcy Relief for Private Student Loan Borrowers Advances
September 15, 2010 – Statement of Lauren Asher in response to the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law’s passage of the Private Student Loan Bankruptcy Fairness Act of 2010 (H.R. 5043). The bill reverses the unfair and unjustified special protections for lenders of private student loans enacted in 2005.
Big Wins for Students in Final Financial Reform Bill
June 25, 2010 – Statement of Pauline Abernathy on the final financial reform bill that will be voted on by the House and Senate. This bill will improve consumer protections for private student loans.
Sallie Mae’s Private Loans Exempt from Financial Reform Bill?
May 3, 2010 – Press release about the Senate’s version of the financial reform bill, and implications for private student loans.
Borrowers with Private Student Loans Could Get Bankruptcy Relief
April 22, 2010 – Statement of Lauren Asher on legislation and House Judiciary hearing to address fair treatment of private student loans in bankruptcy.
Statement on House Passage of CFPA
December 11, 2009 – Statement of Lauren Asher on House passage of a bill to create the Consumer Financial Protection Agency, which would have oversight over all private student loans and help protect consumers from these and other risky financial products.
Testimony of Lauren Asher before House Judiciary Subcommittee on Commercial and Administrative Law
September 23, 2009 – Lauren Asher was an invited witness at the hearing, “An Undue Hardship? Discharging Educational Debt in Bankruptcy.” Her testimony focuses on why private student loans should be treated the same as other consumer debt in bankruptcy.
Borrowers with Private Student Loans Blocked from Bankruptcy Relief
September 21, 2009 – Media alert in advance of congressional hearing on student loans and bankruptcy.
Summary of New Disclosures for Private Student Loans
August 25, 2009 – We were disappointed that the Federal Reserve Board did not adopt most of our suggestions in their regulations for new private loan disclosures mandated by the Higher Education Opportunity Act of 2008. This summary breaks down our suggestions and how they fared.
Comments to Federal Reserve Board on Private Student Loan Disclosures
May 26, 2009 – The Institute for College Access & Success and 10 other national consumer groups submitted public comments about the proposed rules for new private loan disclosures.
New Data Show Big Increases in Private Student Loan Borrowing
April 21, 2009 – New analysis reveals alarming increases in private loan borrowing: the share of all undergraduate students who borrowed private student loans jumped from 5% in 2003-04 to 14% in 2007-08.
Group Letter to Secretary Geithner on the Term Asset-Backed Securities Loan Facility
February 9, 2009 – Nineteen organizations urged U.S. Treasury Secretary Timothy Geithner to make the receipt of TALF funds for private student loan financing conditional upon adequate consumer protections and better data reporting. We sent a similar letter to former Treasury Secretary Henry Paulson on November 19, 2009.
Policy Agenda to Address Rising Student Debt
January 2009 – Our 2009 policy priorities include treating private student loans like other consumer debt in bankruptcy, requiring that schools certify private loans before lenders disburse funds, and improving reporting and data collection about private loans.
Letter in Support of Consumer Protections in Private Loan Bailout
January 26, 2009 – This group letter calls on Reps. Barney Frank and George Miller, who respectively chair the House Financial Services and Education commitees, to push for necessary borrower protections should bailout funds be given to private loan lenders.
Testimony of Lauren Asher before U.S. Department of Education on HEOA Regulations
October 2, 2008 – Lauren Asher, president of the Institute for College Access & Success, testified about a range of issues in the Higher Education Opportunity Act of 2008, including private student loan disclosures, financial aid award letters, proprietary schools, and cohort default rates.
Students Need Protection from Subprime Student Loans
February 5, 2008 – Statement of Robert Shireman, founder of the Project on Student Debt, calling for an amendment to the Higher Education Act that would allow private student loans to be dischargeable in bankruptcy.