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CBA Urges Congress to Focus on College Affordability
Washington, D.C. (September 23, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement urging Congress to focus on college affordability:
“Though just seven percent of the market, private student borrowers have real options and are provided arguably the strongest consumer protection: a robust underwriting process that includes an ability-to-repay test. The refinancing market for private education loans is healthy, as evidenced by strong product offerings from both long-standing market participants as well as a growing number of new market entrants. In all cases, it is in the private lender's best interest to do everything in its power to help borrowers repay their loans, including extending grace periods and modifying loans when possible. Our banks are committed to helping America’s students succeed, and these robust underwriting standards, plus strong servicing programs to assist their borrowers throughout the life of the loan, are helping families meet their obligations.
“Nearly 98 percent of private student loans are being successfully repaid—putting delinquency rates for private borrowers at their lowest level since before the 2008 crisis. With tuition prices having risen 1,120% since 1978, we encourage Members of Congress to focus their attention on the root of the problem for students and borrowers, which is college affordability,” said CBA’s President and CEO Richard Hunt.