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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 4, 2022 - 1:00PMPastApril 26, 2022 - 12:00PMPastNovember 9, 2021 - 2:00PMPastNovember 2, 2021 - 12:00PMPastOctober 29, 2021Consumer Bankers Association Education Funding Committee Chair and Head of Student Lending for Citizens Bank Christine Roberts earlier this week testified before the District of Columbia City Council Committee on Business and Economic Development in opposition to a proposal (B-170) that, in its current form, would reduce access to higher education options for students and families living in the...August 2, 2021WASHINGTON – In a new letter sent to the U.S. Senate Committee on the Judiciary, Consumer Bankers Association President and CEO Richard Hunt expressed caution around efforts to change bankruptcy treatment for student loans, which would increase the cost of credit for future borrowers and fail to address the root cause of the student lending crisis in America today – unrestrained federal lending...July 27, 2021 - 1:00PMPastJuly 27, 2021WASHINGTON – In a new letter sent to the U.S. Senate Banking Subcommittee on Economic Policy ahead of their Tuesday hearing entitled “Protecting Student Loan Borrowers and the Economy in Upcoming Transitions,” Consumer Bankers Association President and CEO Richard Hunt outlined the need to reimpose limits on unrestrained federal student lending to immediately address the rising student debt...June 30, 2021 - 2:00PMPastJune 24, 2021WASHINGTON – As the Administration and Congress evaluate proposals to address the nation’s federal student debt crisis, the Consumer Bankers Association supports improvements to federal higher education funding. In advance of Secretary Cardona’s Thursday testimony on Capitol Hill, CBA sent a letter to the House Committee on Education and Labor advocating for needed changes to federal student loan...