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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.
- September 6, 2013Another Private Lender Vacates Student Loan Market Yesterday's news that another retail lender was leaving the student loan business is exactly the result the Administration and those Members of Congress desired when they orchestrated a federal government takeover of the student lending market. Like many government programs, the result has been disastrous. College costs have continued to rise and...September 5, 2013September 5, 2013Washington, D.C. (September 5, 2013) – Richard Hunt, President & CEO of the Consumer Bankers Association, issued the following statement upon the announcement that students will have less options in student loan lending following the near government takeover of the student loan market: “This is a troubling trend for students and taxpayers, meaning even less competition in the marketplace...September 5, 2013August 9, 2013Letters to Cordray: Student Lending Compliance and Non-QM CBA sent a letter yesterday afternoon to CFPB Director Cordray regarding non-QM loans and the industry’s concerns. Based on our meetings with the Bureau, it is very clear we need to address our differing views on the viability of non-QM lending post January 10, 2014... Our joint letter regarding student loans to Director Cordray on Monday...August 8, 2013August 8, 2013 The Honorable Richard Cordray Director Consumer Financial Protection Bureau 1700 G Street, NW Washington, DC 20552 Re: Request for Guidance and Clarity on the Ability-to-Repay/Qualified Mortgage Rules Dear Director I very much appreciate the recent time and attention you personally provided to the Consumer Bankers Association (CSA) in addressing certain issues of concerns we have...
CBA Joint Comment Letter to Department of Education Regarding Federal Loan Programs