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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.
- April 13, 2021CBA: Restraining Federal Lending Critical to Reducing Excessive Student Loan Debt In letter to Senate Banking Subcommittee, CBA outlines practical solutions to ease student loan debt, protect borrowers WASHINGTON – As the Administration and Congress evaluate proposals to address the nation’s federal student debt crisis, Consumer Bankers Association today outlined commonsense reforms to reduce...
- April 13, 2021Dear Chairwoman Warren and Ranking Member Kennedy: On behalf of the Education Funding Committee of the Consumer Bankers Association (CBA), I am writing to provide some information to members of the Subcommittee in advance of the April 13, 2021, hearing, “The Student Debt Burden and Its Impact on Racial Justice, Borrowers, & The Economy.” We appreciate the Subcommittee’s interest in student...
- March 10, 2021 - 2:00PMPastMarch 2, 2021Your employees and customers don’t talk about their student loan debt, nor share how their loans are impacting everyday financial choices. Our recent white paper and survey findings from nearly 10,000 respondents highlights the impact of student loan debt on average Americans. Get the insight and data you need to fully understand the situation. Our white paper shares: Research on the state of...February 4, 2021CBA Statement on Latest Student Debt Resolution WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Senate Democrats proposed eliminating $50,000 of student debt without a serious attempt to bring about fundamental, long-lasting reforms aimed at lowering college tuition: “Focusing on after-the-fact student loan debt alone is a temporary...February 2, 2021Dear Chairwoman Murray and Ranking Member Burr: On behalf of the Education Funding Committee of the Consumer Bankers Association (CBA) congratulations to you both on your new roles leading the Senate HELP Committee! This is a well-deserved recognition of your years of service to our nation and we look forward to our continuing work together. We are writing today to share the views of the CBA...December 10, 2020 - 2:00PMPastOctober 28, 2020On Wednesday, October 28, 2020, CBA President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau issued its annual report on student lending: “The latest report from the CFPB ombudsman points out what everyone paying attention to the student lending marketplace already knows: Private lenders are working responsibility with their borrowers to set...