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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.
- May 24, 2017May 24, 2017 The Honorable Brett Guthrie Chairman Subcommittee on Higher Education and Workforce Development Committee on Education and the Workforce U.S. House of Representatives 2434 Rayburn House Office Building Washington, D.C. 20515 The Honorable Susan Davis Ranking Member Subcommittee on Higher Education and Workforce Development Committee on Education and the Workforce U.S. House of...
- May 16, 2017On Tuesday, May 16, 2017, the CFPB released a student loan data analysis stating 9 in 10 of highest-risk borrowers were not enrolled in federal affordable repayment plans. Additionally, the study also showed of the 9 in 10 not enrolled, nearly half re-defaulted, compared to less than 10 percent of those who were enrolled. "For far too many student loan borrowers, the dream of a fresh start turns...April 26, 2017On Wednesday, April 26, 2017, the CFPB announced some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections. Agency examiners found some student loan servicers failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school. The report also found some mortgage...April 25, 2017On Tuesday, April 25, 2017, the CFPB released a monthly complaint snapshot highlighting consumer complaints about student loans. The snapshot shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. April’s report also highlights trends seen in complaints coming from Nevada. As of April 1, 2017, the...April 24, 2017April 24, 2017 Mr. Darrin King Paperwork Reduction Act Officer Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 RE: Student Loan Servicing Market Monitoring, Docket No. CFPB-2017-0002 Dear Mr. King, The Consumer Bankers Association (“CBA”)  appreciates the opportunity to comment on the proposed “Student Loan Servicing Market Monitoring” information collection. As the...April 19, 2017Many industries, such as financial services, are looking to develop ways to leverage mobile capabilities. The goal is to use mobile to attract new customers, but also to engage and cement relationships with current customers. The challenge lies in the execution. To be effective, you’ll need to determine how to develop innovative ways to leverage the technology and your data and turn that into an...April 13, 2017April 13, 2017 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers...March 17, 2017Three Weeks to CBA LIVE: Get Your Boots and Jeans Ready! With record-breaking banker attendance, a sold-out exhibit hall and over 1,300 attendees, CBA LIVE: Where [ it ] Begins is 2017's biggest retail banking event of the year. Be sure to join us in Dallas, April 3-5, at the Gaylord Texan to catch entrepreneur, Heisman Trophy winner and former Dallas Cowboys Quarterback Roger Staubach ,...March 15, 2017Even the more sophisticated data-driven financial services marketers are struggling to figure out how to effectively and efficiently integrate personalization into multichannel customer and prospect marketing strategies. This iteration of the Epsilon 5 & 5 is intended to trigger some contrarian thoughts and challenge your marketing status quo. In this issue, we’ll talk about personalization,...March 10, 2017BANKERS BACK STUDENT LOAN BILL: A bill that would require the Education Department to disclose a loan’s annual percentage rate to students getting federal loans at the time of application now has the support of the Consumer Bankers Association. “Many federal student loan borrowers learn the true cost of their education much too late,” Richard Hunt, the president of the group, said in a statement...