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Obama Proposes IBR Improvements
President Obama's FY 2010-11 budget will include a provision to improve IBR, making student loan repayment more affordable for people who are struggling. The proposal would expand the number of people who are eligible for the program, and make it even more helpful for those who already qualify.
This couldn’t have come at a more appropriate time, as so many Americans are still unable to find work and make ends meet.
See our statement about the new IBR proposal
See our statement on the entire higher education budget
Progress on Private Loans and CFPA
On December 11, the House of Representatives passed a bill that would
create a new Consumer Financial Protection Agency (CFPA) to protect
consumers from unfair and deceptive financial products and services,
including private student loans. The House bill includes two important
amendments we supported -- one to give the CFPA oversight over all
private student loans, including those made by colleges to their own
students, and another that requires lenders to confirm with the school
that the borrower is in fact a student and is eligible to borrow the
requested amount. This gives schools the opportunity to counsel
students before they take out a private loan. Thanks to all those who
wrote to their members of Congress about this issue!
The financial industry is still lobbying
hard against the CFPA in the Senate, and consumers need to keep speaking out. Please tell your senators that we need a CFPA with the power to protect students and borrowers from dangerous private student loans.
Read Lauren Asher's statement about the House bill
900,000 Students Blocked from Federal Loans
Our new report, Getting
with the Program: Community College Students Need Access to Federal Loans, finds that nearly one in 10 community college students in the U.S. has
no access to federal loans because their school chooses not to participate in
the federal loan programs. While many community college students can and should
avoid borrowing, those who need to borrow should have access to the safest,
most affordable option: federal student loans.
Read the report
Read the press release
with a quote from Under Secretary of Education Martha Kanter.
Hearing on Bankruptcy and Student Loans
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The Institute for College Access & Success
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