NACA joins organizations in comments to the Department of Education opposing further delay implementation of the 2016 final regulations on borrower defense, closed school discharge, false certification discharge, financial responsibility, and forced arbitration by schools in the Direct Loan program .
NACA joins other advocates for students, consumers, veterans, service members, faculty and staff, civil rights, and college access to urge the Department of Education to place the interests of students front and center as the Department explores potential changes to regulations. Current federal higher education regulations and oversight need to be strengthened and improved to better protect students and taxpayers, and schools that pose greater risks to students and taxpayers deserve more oversight and scrutiny, not less.
NACA joins Americans for Financial Reform (“AFR”) in comments on the Consumer Financial Protection Bureau’s Request for Comment on Student Loan Servicing Market Monitoring. We support the Bureau’s proposed student loan servicing data collection initiative and believe that compiling such metrics and borrower outcomes would benefit market participants, federal and state agencies, policymakers, and borrowers. Obtaining a clearervview of the student loan market overall will help inform all market participants on how best to serve student loan borrowers.
NACA joins organizations conveying strong support for the continued implementation and enforcement of important Education Department accountability provisions designed to protect students and taxpayers from unmanageable student debt and waste, fraud and abuse in higher education. In particular, we oppose all actions to delay, weaken, or repeal the gainful employment, incentive compensation, or recent “borrower defense to repayment” and college accountability regulations.
NACA joins coalition letter to President Barack Obama recommending ways to implement an efficient and responsive complaint system at the Department of Education to increase both accountability and transparency in higher education.
Thank you for your leadership in advancing legislation to create a much-needed Consumer Financial Protection Agency (CFPA). As advocates for consumers, students, higher education and taxpayers, we strongly urge you to ensure the CFPA has full authority over all private student loans, regardless of the institution offering the loan. We are concerned that clarifications to address small business concerns have inadvertently exempted dangerous private student loans made by large for-profit colleges from the CFPA’s enforcement authority.