Student Lending
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.
- August 29, 2014August 20, 2014Washington, D.C. (August 20, 2014) – CBA’s President and CEO Richard Hunt wrote to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray seeking answers behind vague allegations made by the CFPB’s Private Education Loan Ombudsman. This follows a letter by the Ombudsman to financial institutions that have contractual relationships with colleges and universities – relationships...July 29, 2014Washington, D.C. (July 29, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement after MeasureOne released “ The Private Student Loan Report – July 2014 .” http://www.cbanet.org/documents/2014-07-29%20MeasureOne%20Private%20Student%20Loan%20Performance%20Report.pdf The report is an update to a previously released comprehensive study of the...
Pages
Joint letter to DOE; Analysis of Legal Basis for DOE Proposal to Regulate Campus Bank Accounts