AFL-CIO, Student Debt Crisis, and 20+ Organizations Launch the Borrowers Hotline

Media Advisory for May 19-21                                                       Contact:Natalia Abrams 310-365-1069 AFL-CIO, Student Debt Crisis, and 20+ Organizations Launch the Borrowers Hotline Hotline will offer free counseling and advice for borrowers with student debt (Washington D.C) More than 40 million Americans are buried under a $1.3 trillion mountain of student loan debt but have limited resources and lack affordable assistance to help repay their loans. To help these borrowers manage their debt, apply for government programs, and enforce their legal rights, a group of labor unions, consumer advocacy, youth and student debt relief organizations are creating a website and holding a free three-day hotline. The website and the hotline will operate as a triage system to inform borrowers of what their available options are and provide resources such as referrals to student loan attorneys and vetted credit counselors.  Who: A large coalition of labor, youth advocacy and student debt relief organizations. For a full list of sponsoring organizations, click here. What: Free Student Debt Assistance Website and Hotline How: Visit www.theborrowers.org to get free resources and sign up for the hotline to help lower their monthly payments. When: The hotline will operate on May 19th – 20st from 9 AM – 10 PM ET and on May 21st from 9am – 3pm ET Why: Only 25% of eligible borrowers have taken advantage of federal resources to get favorable loan repayment options and far too many fall prey to predatory debt relief companies and scams. Driven by the belief that no one should pay for FREE government services, the coalition created The Borrowers Hotline to help all student loan borrowers who...

SDC’s Statement on Senator Elizabeth Warren’s Reintroduction of Bank on Students Emergency Loan Refinancing Act

FOR IMMEDIATE RELEASE March 18, 2015 CONTACT: Natalia Abrams 310-365-1069 – natalia@studentdebtcrisis.org Student Debt Crisis’ Statement on Senator Elizabeth Warren’s Reintroduction of Bank on Students Emergency Loan Refinancing Act Today, Senator Elizabeth Warren re-introduced the Bank on Student Refinancing Act. It’s simple, really: Americans can refinance their home loans and car loans, so it’s only right that student loan borrowers be able to do the same. Currently, student loan borrowers are not able to refinance under most programs. Senator Warren’s bill would give over 25 million Americans the option to refinance and make their student loans more affordable. Last week President Obama introduced the Student Aid Bill of Rights. The President’s proposal states that every borrower is entitled to an affordable repayment program – the ability to refinance student loans is a part of affordable repayment options. Over 55,000 people have signed Student Debt Crisis’ petition – Support the Bill of Rights for Student Loan Borrowers. They have made it clear that Americans want their legislators to create solutions. Senator Warren’s announcement today is exactly the response we hoped to see from our legislators and we look forward to more action from Congress to secure rights for ALL student loan borrowers. “We are pleased and encouraged by the re-introduction of Senator Elizabeth Warren’s bill: Bank on Students Emergency Loan Refinancing Act. The ability to refinance federal and private student loans at current rates should be a basic right extended to student loan borrowers. There is no reason that you can refinance your home, your car, and other forms of consumer debt, but not your student loans.”  – Natalia Abrams,...
SDC’s Statement on Student Aid Bill of Rights

SDC’s Statement on Student Aid Bill of Rights

FOR IMMEDIATE RELEASE March 10th, 2015 CONTACT: Natalia Abrams Phone: 310-365-1069 Email: natalia@studentdebtcrisis.org Student Debt Crisis’ Statement on President Obama’s Student Aid Bill of Rights Today at Georgia Tech University in Atlanta, President Obama announced his proposal for the Student Aid Bill of Rights. We are finally seeing the hard work of advocates and borrowers pay off with substantive results. This is by far one the most comprehensive proposals for student loan borrowers since the formation of Student Debt Crisis. We believe every borrower deserves access to quality, affordable education and the right to strong consumer protections for their student loans. The White House is making an important step in the right direction, and we urge Congress to stand with borrowers across the nation by adopting this proposal into law. “It is an honor to hear President Obama stand up for the rights of student loan borrowers, and we are thrilled that he announced the Student Aid Bill of Rights today in Atlanta, GA. This all-inclusive proposal, once fully implemented, will go a long way to help struggling borrowers everywhere.” ~ Natalia Abrams, Executive Director – Student Debt...

Student Debt Crisis’ Statement on the Department of Education’s Announcement to End Contracts with Five Debt Collection Agencies.

FOR IMMEDIATE RELEASE March 2nd, 2015 CONTACT: Natalia Abrams Phone: (646) 820-8037 Email: natalia@studentdebtcrisis.org Student Debt Crisis’ Statement on the Department of Education’s Announcement to End Contracts with Five Debt Collection Agencies. “We are enthusiastic about the Department of Education’s announcement to end their contract with five private debt collection companies. These companies have for years taken advantage of student loan borrowers by using unscrupulous practices to harm borrower’s credit and financial stability.  We encourage the Department of Education to take action to complete this proposal.  In addition, we ask that the same scrutiny placed on these predatorial private debt collectors also be applied to ALL student loan servicers” ~ Natalia Abrams, Executive...

Student Debt Crisis’ statement on the State of the Union

FOR IMMEDIATE RELEASE January 20th, 2015 CONTACT: Natalia Abrams Phone: 310-365-1069 Email: natalia@studentdebtcrisis.org Student Debt Crisis’ statement on the State of the Union This evening we heard from President Barack Obama on the state of our union.  Student Debt Crisis applauds the President’s commitment to higher education. Tonight, President Obama proposed free community college. The new proposal offers two years of free community college to over 9 million new students, and saves them on average $3,800 per year, per student. By highlighting the need for free community college, President Obama is starting the conversation that higher education is a public good, which must be affordable and accessible to all. However, free community college is not enough.  We will continue to echo our supporters’ call to help all Americans who are negatively affected by current large debt burdens. We need immediate action for private student debt borrowers, defaulted student loan borrowers and those struggling to make ends meet with exorbitant monthly loan payments. SDC advocates direct measures such as student loan refinancing, lower interest rates, and more repayment programs for private and federal student loans that would immediately benefit millions. Student Debt Crisis urges the administration, and Congress, to seek out methods to assist the over 40 million existing student loan borrowers. Thankfully the President acknowledged their hardship by stating “I want to work with this Congress, to make sure Americans already burdened with student loans can reduce their monthly payments, so that student debt doesn’t derail anyone’s dreams.” We are encouraged by the big ideas proposed in tonight’s speech and will continue to push for stronger reforms for all...

Student Debt Crisis | Statement on President Obama’s Proposal for Free Community College

FOR IMMEDIATE RELEASE January 9th, 2015 CONTACT: Natalia Abrams 310-365-1069 – natalia@studentdebtcrisis.org Student Debt Crisis supports the President’s proposal to provide free community college, but warns of the continued economic consequences of overlooking existing student loan borrowers. Student Debt Crisis is pleased by the recent announcement by President Barack Obama stating that, “Community College should be free to anyone who is willing to work for it…” This new proposal, which offers free community college for all, would help over 9 million new students and save over $3,800 per year, per student. “As a former community college student myself, it would have saved me time and money to have my first two years at community college paid. I am beyond thrilled that our President is proposing this option for future students. However, as a borrower with student loan debt, I am still awaiting the proposal that will help existing borrowers like me.” – Natalia Abrams, Executive Director Student Debt Crisis While this is an impactful proposal for prospective students, we at Student Debt Crisis continue to urge the administration, and Congress, to seek out methods that help the over 40 million existing student loan borrowers. Our members are truly excited about the President starting the discussion around free higher education. However, they continue to remind us that this “does not help those already so far in debt… we need to help those people first!”, stated Carla Hoffman-Sweet, former special education teacher and SDC supporter. Fortunately, this proposal does help to alleviate larger debt burdens in the future, but we will continue to echo our supporters’ call to help all Americans...