NASW and Coalition Partners Urge Congress to Address Risky Private Student Loans

May 17, 2010

NASW is partnering with the College for Access and Success and the U.S. PIRG to urge Congress to ensure that the Restoring American Financial Stability Act (S. 3217) gives the Consumer Financial Protection Bureau (CFPB) full authority over all private student loans. The bill has been criticized for not providing CFPB enough teeth to enforce authority over existing private student lenders, some who have lent to for-profit colleges that are attended disproportionately by low-income and minority students. To view the coalition’s letter to the Senate click here.

Private student loans are considered to be one of the riskiest ways to pay for college, yet a significant number of students have private student loans as well as, or instead of, safer federal student loans.Private student loans typically have uncapped, variable rates that lack the fixed rates, consumer protections and flexible repayment options of federal student loans and are extremely difficult to discharge in bankruptcy.

NASW continues to advocate for public policies that make higher education more affordable for social worker students and professionals who are repaying their student debt obligations. You can view additional resources about federal and state loan forgiveness programs by going to www.socialworkers.org/loanforgivenss and for information about our school social work advocacy click here.

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