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CBA is the public policy voice for private-market capital to fund loans supporting America’s students. Private student loans serve important purposes, primarily to provide gap funding for undergraduates who need to pay for college. In addition, for some families and graduate students, private loans can be a sensible alternative to federal loans, especially PLUS loans. Almost 97% of private student loans are being successfully repaid. That is largely due to the high level of underwriting required to receive a private loan, as well as the use of cosigners. Nearly 70% of private student loans are made by six lenders, five of which are CBA Members. Collectively, private loans account for just 8% of loans being made today. The other 92% are Direct Loans made by the U.S. Department of Education.
- February 21, 2018WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Department of Education issued a request for information on undue hardship claims for federal student loans during bankruptcy proceedings: “We look forward to reviewing any proposal from the Administration and will offer comments discussing the key differences in the federal student...
- February 7, 2018 - 2:00PMPastJanuary 18, 2018Millennial consumers check their phones on average 150 times throughout the day. The majority of millennials have gone completely digital for content consumption and one-fifth rely on their phones to consume any digital content. Make sure your marketing content is ready for your most digital savvy consumers by downloading the EVERFI guide. Learn the 4 tips you should follow to optimize your...January 17, 2018January 17, 2018 The Honorable Lamar Alexander The Honorable Patty Murray Chairman Ranking Member Committee on Health, Education, Committee on Health, Education Labor and Pensions Labor and Pensions United States Senate United States Senate 455 Dirksen Senate Office Building 154 Russell Senate Office Building Washington, DC 20510 Washington, DC 20510 Dear Senators Alexander and Murray: On behalf...December 13, 2017WASHINGTON – Following the House Education and Workforce Committee’s passage of the Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act, the Consumer Bankers Association (CBA) said the bill contains several positive provisions to help students and their families afford higher education. However, the legislation also contains troubling provisions expanding...December 12, 2017December 12, 2017 The Honorable Virginia Foxx Chairwoman Committee on Education and the Workforce United States House of Representatives 2176 Rayburn House Office Building Washington, DC 20515 Dear Dr. Foxx, The Consumer Bankers Association (CBA) is dedicated to helping students finance their higher education without overburdening their futures. It is critical for higher education reform to...December 8, 2017With over two-thirds of the buyer's journey done via online and mobile, banks need new strategies to reach millennials. Learn the five ways to engage with millennials through online financial education and how to reach them even when most of their journey is online. Download our guide , Reaching Millennial Consumers: Using Financial Education as Content Marketing to jumpstart your 2018 strategy...December 8, 2017CBA LIVE Speakers Announced: CEOs of Citizens Bank and Bank of the West CBA LIVE is proud to announce two powerhouse additions to our speaker lineup. Former CBA Board member and current Bank of the West President and CEO Nandita Bakhshi will team up with Citizens Financial Group, Inc. Chairman and CEO Bruce Van Saun to discuss disruption, innovation, moving beyond conventional thinking and their...December 4, 2017Legislation includes several CBA supported provisions to help students, but federal loan expansion could increase college tuition costs WASHINGTON, D.C. – The Consumer Bankers Association (CBA) thanked House Education and Workforce Committee Chair Virginia Foxx (R-NC) for her leadership in introducing the Higher Education Act reauthorization bill. The bill, introduced late Friday, contains...November 21, 2017On Tuesday, November 21, 2017, the CFPB announced action against Citibank, N.A. for alleged student loan servicing issues. According to its press release, the Bureau claims Citibank misled borrowers into believing they were not eligible for a tax deductions on interest paid on certain student loans, incorrectly charged late fees and added interest to the student loan balances of borrowers who...