Nearly sixty local, state and national student, consumer, and education groups signed on to this letter that was sent up to the Congress on Monday, February 13. It calls for the CFPB to remain a strong, independent agency, so it can protect student loan borrowers (and taxpayers) from predatory lending tactics. Here is an excerpt:
“The problems that cause student debt are many, but they are made worse when students encounter tricky financial products on campus or predatory loans by bad actors that cause them to lose even more money. The CFPB works hard to fight against these and other illegal practices in student lending.”
You can find more information about the CFPB’s many efforts to help student borrowers at https://www.consumerfinance.gov/students/.
You can find out more about the CFPB’s enforcement efforts on behalf of student borrowers here.
Some more of U.S. PIRG’s Higher Education Program’s work is here.