SDC STATEMENT: Kamala Harris' Consumer Alert to Student Loan Borrowers

“We are pleased and encouraged by Attorney General, Kamala Harris’ consumer alert. At Student Debt Crisis, it is our mission to reach out to struggling borrowers and inform them of federal options that are available free of charge.”

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The U.S. Government's Predatory Lending Scheme

“I figured the rate wasn’t terrible, and the money was so easy to get,” said a 56-year-old office manager in the Los Angeles suburbs who racked up $54,000 in Parent PLUS debt. “I had no idea what I was getting into.”

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SDC STATEMENT: Sec. Hillary Clinton’s College Affordability Plan

It is our job to continue to push our leaders until we have a comprehensive plan that helps existing borrowers as much as prospective students. That’s why we must continue to fight for total debt-free college and the cancellation of outstanding student loan debt.

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I Most Likely Will Never Be Able to Buy a House

“I have $125,000 remaining in student debt, majority of which is private loans, and I’ve been out of college for 3 years now. I didn’t go to a fancy college, just a state school. I am currently in a job that doesn’t even technically require a college degree, making just enough to pay my monthly loan payments, with some assistance from my family…”

-Kristin

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Discover Slammed By CFPB For Illegal Student Loan Servicing Practices

According to the Consumer Financial Protection Bureau, one major student loan servicer not only failed to make some of this information clear and understandable, they failed to provide it at all. This servicer is called Discover.

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What Would You Do if All Your Student Loans Were Forgiven?

We asked our members a simple question: What would you do if your student loans were forgiven? Using our members’ amazing responses we put together this great list of things that borrowers could do with a little extra cash in their pockets. Isn’t it about time that we freed Americans from burdensome debt, and give them a chance to better contribute to society?

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Student Loan Debt Curbs Housing Market by $83 billion

440,000- That’s how many home sales will not happen this year because of high levels of student loan debt, according to a report from John Burns Consulting, an Irvine-based firm that advises home builders. That’s equal to about 8% of all home sales, and enough to dent the housing industry by $83 billion a year.

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SDC on NBC News

Student Debt Crisis spoke with NBC News about the growing amount of U.S. singles. With student loan debt climbing, it is no surprise that borrowers’ lives are being negatively affected. From purchasing homes and cars, to starting a family, student debt is holding Americans back in more ways than you would expect!

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Real Life Student Debt Stories

Straight from those whose lives have been affected by the weight of student debt.

 

For those who don’t want to take action, go ahead. Go right ahead… In my opinion, I’d much rather find a way to ease the debt or die trying then to live life everyday knowing that I’ll keep owing money to a corrupt state of affairs.

Drew

I graduated in 2007 with $108,000 and today it has ballooned to $145,00 (50k is federal, 95k is private). Over the past 7 years I have paid over $40,000 towards these loans with none of it touching the principal.

Jennifer

I owed about 40k in student loans about half private half federal. Due to times of unemployment or underemployment I now owe about 50k. I have had times of making serious payments, but it never got me ahead of any of it.

Alexander

In The News

Latest Articles on The Student Debt Crisis

Private Colleges Are Offering Record Tuition Discounts to Win Students

Where to find the biggest bargains. Those scarily high tuition prices most private colleges say they charge are increasingly as make-believe as Freddy Krueger: Only 11% of freshmen paid them last year, according to a survey of private colleges released today. The rest—89% of freshmen at private colleges—received a school grant or scholarship worth, on average, 54% of the published or “sticker” tuition, the National Association of College and University Business Officers reported. Both those numbers are all-time records. The survey indicates that colleges eager to recruit applicants are luring students with big grants— often labeled “merit scholarships” to flatter recipients, but in reality more like the discounts off of a retailer’s price tag. Continue Reading at... read more

Tennessee Students Start Classes Under Tuition-Free College Program

This week, an expected 18,000 students—or nearly 1 in 4 recent high school graduates—in Tennessee will begin classes under a new state program that offers two years of free tuition at a state community or technical college. Nearly 80 percent of the state’s 74,000 high school graduates applied for the Tennessee Promise scholarship, according to the Associated Press. The scholarship provides tuition and fees not covered by the Pell grant, the state HOPE scholarship, or state student assistance funds. Mike Krause, the Tennessee Promise executive director, told the Tennessean that the process for applying for federal student aid is confusing and may have served as a barrier for some students. “There’s no doubt we need to continue to push for a simplified process,” he said. Of the 58,000 high school seniors that applied for the scholarship, about 31,500 filed the Free Application for Federal Student Aid forms. Continue Reading at... read more

SDC Statement: Kamala Harris’ Consumer Alert to Student Loan Borrowers

FOR IMMEDIATE RELEASE August 24th, 2015 CONTACT: Natalia Abrams 646-820-8037 or 310-365-1069 natalia@studentdebtcrisis.org Student Debt Crisis’ Natalia Abrams – Executive Director’s Statement on California’s Attorney General Kamala Harris’ Consumer Alert  on Student Loan Debt Consolidation Scams On August 20th, Attorney General Kamala Harris issued a consumer alert to student loan borrowers to be aware of student loan debt consolidation scams – or “debt relief” companies. We are glad to see her office putting a spotlight on for-profit companies that use scare tactics to take advantage of struggling borrowers- who are only searching for relief from their high student loan payments. Harris stated: “Often times purporting to offer “student debt management” or “student loan consolidation” plans, private companies are charging borrowers upfront or monthly fees for FREE federal loan benefits. These companies may claim that they have a special relationship with the Department of Education, or that a special governmental loan consolidation will be ending soon, and will urge students to use their services in obtaining student loan consolidation or relief. Many times these companies will charge an initial application fee as well as a monthly service fee.” We are pleased and encouraged by Attorney General, Kamala Harris’ consumer alert. At Student Debt Crisis, it is our mission to reach out to struggling borrowers and inform them of federal options that are available free of charge. Earlier this year we created TheBorrowers.org with the AFL-CIO.  The Borrowers is an excellent place to start for people trying to repay student loans, learn about federal income driven repayment options, public service loan forgiveness and how to get out of default. “It is imperative for borrowers to know... read more

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