Dear Member of Congress: Welcome to the 117th Congress! As 54 organizations working on behalf of students, consumers, veterans, faculty and staff, civil rights advocates, researchers, and others concerned about unaffordable student debts and predatory practices, we are providing an outline of our coalition’s higher education priorities. As Congress continues to consider reauthorization of the Higher Education Act (HEA) and to evaluate other higher education proposals including COVID-19 related aid, we strongly urge you to support policies that strengthen safeguards for taxpayers and students, including low-income students and students of color. The federal government plays a critical role in putting higher education within reach for millions of Americans by providing grants and loans to help finance their education. But the COVID-19 pandemic has accelerated a shift to unproven online education, and has led to enormous job loss. Similar economic circumstances have historically driven dramatic enrollment increases, particularly at for-profit colleges. Unfortunately, some colleges engage in predatory practices that can mislead or defraud students, and can consistently leave students with worthless degrees and debts they cannot afford. The data clearly demonstrate that a disproportionate number of these institutions are privately owned and operated on a for-profit basis. Veterans, low-income students, and students of color have been specifically targeted and disproportionately harmed by predatory colleges. Taxpayers are investing billions of dollars in for-profit colleges each year via federal student financial aid programs.  But too often, students are left with degrees or diplomas that are not respected in the job market.  Too frequently students leave these schools with high debt but with no degree or a diploma. One study has shown that students at for-profit colleges default almost four times as often as students attending community colleges. Meanwhile, racial inequity is fueled by predatory colleges that disproportionately enroll students of color. Black and Latino students attending for-profit colleges are less likely to complete programs, and borrow an average of $10,000 more than Black and Latino students attending public colleges. Over the past four years, regulations and other protections intended to address these well-documented problems, including the Department of Education’s “borrower defense to repayment rule” and “gainful employment rule,” have been rolled back or rescinded. Thousands of borrowers, including many veterans, who have demonstrated that they were misled and lied to by their colleges, continue to fight to cancel their student loans. Meanwhile, new borrowers are faced with a borrower defense rule that was opposed by bipartisan majorities in the House and Senate, and that will make it virtually impossible for any student to cancel student loans taken based on lies by a college, and no college is likely to have pay back the cost of loans cancelled due to misconduct. As you continue to work toward an overdue HEA reauthorization, and to consider other legislative proposals impacting higher education including measures specific to the COVID-19 pandemic, we ask that you ensure that common-sense protections for students and taxpayers are improved. Specifically, we seek to ensure that four core existing protections are restored, enforced, and strengthened in any higher education legislation: borrower defense to repayment, gainful employment, the 90-10 rule, and the ban on incentive compensation. 90/10 Rule The 90/10 Rule is an important and long-standing HEA provision that ensures for-profit colleges demonstrate market viability by forbidding for-profit corporations from being wholly dependent on federal funds. The rule has its genesis in the early GI Bill and is intended to ensure that taxpayer funds are not used to prop-up a subpar, failing enterprise. A college or school offering a quality education at a competitive price should be able to attract other sources of tuition from employers, scholarship providers, state funds, and students themselves. It is important in preventing waste, fraud, and abuse in higher education. However, under current law, education funds from the U.S. Department of Veterans Affairs (including the GI Bill) and the U.S. Department of Defense (including “Tuition Assistance”) were inadvertently left out of the statute, and are not required to be counted as federal funds.  This loophole has the unfortunate consequence of incentivizing for-profit schools to target veterans, service members, and their families with aggressive and deceptive recruiting tactics in order to gain access to their GI Bill and military tuition aid. Additionally, the thresholds set by the rule have been lowered from the original 85/15 set in 1992.  The important purpose of the 90/10 rule must be restored by closing the loophole and returning to an 85/15 threshold. Borrower Defense to Repayment The HEA includes a provision that allows for “borrower defense to repayment.” The provision allows a student’s financial aid obligations to be discharged if a borrower demonstrates loans were agreed to as a result of misrepresentation, fraud, or other illegal conduct. While the provision has been law for many years, it was rarely asserted, and no clear process was established for students to seek relief. The collapse of Corinthian Colleges and ITT Tech brought broad public attention to pervasive fraudulent misrepresentations made to students by these and other predatory colleges, and resulted in a surge of claims filed by students. In 2016, a regulation was adopted to set forth a process that helped to ensure that neither defrauded students nor taxpayers are left on the hook for wrongdoing by schools, and provided automatic loan cancellation to students whose schools closed suddenly. Rather than using the process created by the 2016 rule to address the claims of the more than 140,000 student borrowers who have filed claims, and recover funds from colleges that engage in misleading tactics, that rule was replaced in 2019 with a new rule making it virtually impossible for borrowers who have been lied to succeed in cancelling their loans. While bipartisan majorities in both the House and the Senate voted to stop the 2019 borrower defense rule, it is now in effect.  Meanwhile thousands of student borrowers continue to fight to cancel more than a fraction of their student loans administratively and in court. Students must have a clear and straightforward path to complete loan discharges when the school they attended has been engaged in misconduct, students must be able to automatically discharge loans when schools close suddenly, and the Department of Education must be able to recover the cost of cancelled loans from colleges. Gainful Employment The HEA requires that all career education programs offered at public, non-profit, and for-profit colleges receiving federal student aid dollars “prepare students for gainful employment in a recognized occupation.” A rule finalized in 2014 explained what gainful employment required: that programs provide basic information about how many students get jobs, how much they earn, and how much debt they have, and that those programs that continuously left their graduates with more debt than they can repay must improve or lose eligibility for federal funding. The regulation worked to drive improvement, with 9 in 10 colleges having no failing programs in 2016. Nonetheless, in 2019 the Department of Education rescinded the rule at an estimated cost to taxpayers of $6 billion. A strong gainful employment requirement must become permanent and be fully implemented. Incentive Compensation Ban The Higher Education Act’s ban on incentive compensation (commissioned sales) was enacted with strong bipartisan support in 1992 to reduce high-pressure, deceptive sales tactics in college admissions. Congressional intent was that colleges should not reward individuals or third parties for enrolling students, by paying commissions or bonuses based on the number of students enrolled, because it puts the financial interests of college employees and their associates before the needs of students. In 2015, the Department of Education’s Inspector General called for greater oversight and enforcement of the ban on incentive compensation, in order to provide greater protection for students and taxpayers. Instead, there has been little enforcement of the ban, while colleges have increasingly relied on Department guidance document to contract with third party “online program managers” compensated on the basis of the number of students enrolled. The incentive compensation ban must be better enforced to prevent abusive recruiting and sales tactics by colleges. Additional Proposals We also support other legislative efforts to strengthen the integrity of colleges and prevent abusive tactics, specifically ensuring that the cohort default rate is not subject to manipulation; ensuring that resources are directed towards students via instruction and support services rather than primarily spent on marketing advertising and compensation; ensuring that colleges, particularly those converting from for-profit to non-profit or public status, have robust governance structures in place to prevent private inurement and ensure independent decision making, and ensuring that accreditors and state authorizers uphold their role in the higher education triad. We would like to offer ourselves as a resource, and look forward to working together this Congress to make certain that common-sense laws and regulations are strengthened and enforced, and to ensure the efficient use of taxpayer dollars by colleges. We urge you to support strong higher education policies that minimize waste, fraud, and abuse in higher education, and that protect students, their families, and the taxpaying public from predatory practices at some colleges. Sincerely, American Association of University Women American Federation of State, County and Municipal Employees (AFSCME) American Federation of Teachers Americans for Financial Reform Campaign for America’s Future Center for American Progress Center for Law and Social Policy (CLASP) Center for Public Interest Law Center for Responsible Lending Children’s Advocacy Institute Clearinghouse on Women's Issues Consumer Action Consumer Federation of California CWA Local 1081 Cypress Hills Local Development Corporation David Halperin, Attorney Democrats for Education Reform East Bay Community Law Center Education Reform Now EMPath Generation Progress Government Accountability Project Higher Education Loan Coalition Hildreth Institute Housing and Economic Rights Advocates Maine Center for Economic Policy Maryland Consumer Rights Coalition National Association for College Admission Counseling National Association of Consumer Advocates National Association of Consumer Bankruptcy Attorneys (NACBA) National Consumer Law Center (on behalf of its low-income clients) National Education Association New America Higher Education Program New York State Association for College Admission Counseling Partnership for College Completion Project on Predatory Student Lending Public Citizen Public Counsel Public Good Law Center Public Higher Education Network of Massachusetts (PHENOM) Public Law Center Robert Shireman, Director of Higher Education Excellence, The Century Foundation Service Employees International Union (SEIU) Student Debt Crisis Student Defense Student Veterans of America The Education Trust The Institute for College Access & Success UnidosUS U.S. Public Interest Research Group (PIRG) Veterans Education Success Veterans for Common Sense Woodstock Institute Young Invincibles

50 Orgs Applaud Bicameral Resolution Calling on Biden to Cancel $50K of Student Debt We applaud Majority Leader Chuck Schumer, Senator Elizabeth Warren; Representatives Pressley, Adams, Bowman, Jones, Omar, and Torres; and Chairwoman Waters for their bicameral resolution urging President Biden to take executive action to cancel up to $50,000 in federal student loan debt using legal authorities already granted by Congress. Cancelling student debt will provide both immediate financial relief to millions of Americans and crucial economic stimulus for everyone during this protracted crisis. This action would also boost GDP and job creation at a time of intense labor shocks and economic uncertainty. As nearly 330 community, civil rights, climate, health, consumer, labor, and student advocacy organizations noted in a recent letter to the Biden-Harris administration: Student debt exacerbates existing racial inequities; cancellation will help reduce the racial wealth gap. Black Americans—and particularly Black women—are more likely to take on student loan debt and struggle with repayment. Cancellation will provide a much-needed economic stimulus. Research shows that student debt cancellation catalyzes drastic, positive changes for borrowers, particularly for those not current on their loans Federal student debt cancellation could have a positive impact on health outcomes. Debt is associated with negative mental and physical health outcomes such as stress, depression, worse self-reported general health, higher diastolic blood pressure, obesity, and even mortality. Research has also shown a connection between debt and foregone medical care. With this resolution, Members of Congress are sending a clear message to the administration: Cancelling up to $50,000 of federal student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much-needed economic relief and stimulus. We support this effort encouraging the administration to use its power under existing law to improve the lives of millions of Americans, and we call for the resolution’s swift adoption. Signatories National Groups: National Groups: American Medical Student Association Americans for Financial Reform Association of Latino Administrators and Superintendents Blue Future Center for Responsible Lending Clearinghouse on Women’s Issues Girls Inc. Indivisible Media Voices for Children Minority Veterans of America NAACP National Association of Social Workers National Center for Law and Economic Justice National Children’s Campaign National Consumer Law Center (on behalf of its low-income clients) National Education Association Oil Change U.S. People’s Parity Project Protect All Children’s Environment Public Citizen Public Counsel Rachel Carson Council School Social Work Association of America (SSWAA) Student Borrower Protection Center Student Debt Crisis The Feminist Front (FF) United Church of Christ, Justice and Local Church Ministries Young Invincibles State Groups: AFT Washington AFT-Oregon Church Women United in New York State Civil Service Bar Association Consumer Federation of California Cooperative Baptist Fellowship of Texas Fayetteville Police Accountability Community Taskforce Georgia Watch Housing and Economic Rights Advocates Louisiana Budget Project Massachusetts Affordable Housing Alliance New Era Colorado New Jersey Citizen Action New Jersey Institute for Social Justice Ohio Student Association Piedmont Alliance for the Prevention of Substance Abuse South Carolina Appleseed Legal Justice Center The Midas Collaborative Tzedek DC United Vision for Idaho Women Employed Zero Debt Massachusetts

SDCC Applauds the Appointment of Rohit Chopra to lead the Consumer Financial Protection Bureau Student Debt Crisis Center (SDCC) applauds President-elect Joe Biden for nominating FTC Commissioner and former CFPB Student Loan Ombudsman Rohit Chopra to be the next Director of the Consumer Financial Protection Bureau. “Rohit Chopra’s nomination as CFPB director means the strongest advocate for student loan borrowers to ever lead the federal consumer watchdog. His experience taking on predatory student loan servicers and greedy for-profit colleges is great news, and a welcomed change, for Americans harmed by the student loan industry,” said SDCC president and founder Natalia Abrams. “We are optimistic that Chopra will hold student loan companies accountable and will put the needs of student loan borrowers and their families ahead of executives and corporations. Our team is committed to working with Chopra, and the Bureau, to champion the rights of millions of Americans." Over the past four years, the Trump Administration hamstrung the CFPB and prevented it from overseeing student loan companies. In fact, we sued the Trump Administration to ensure that borrower rights were protected. Now, with economic challenges created by the COVID-19 pandemic, there has never been a more urgent time to fix the broken student loan system. We look forward to working with Chopra on restoring the CFPB’s mission and creating a more just system for students, parents, and borrowers. ###

January 15, 2020 Over 325 organizations signed a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. This letter is a re-release of a November letter, and has been updated with more than 85 additional signers. The letter was led by Americans for Financial Reform, the Center for Responsible Lending, Demos, the National Consumer Law Center, and Student Borrower Protection Center. You can find the press release here. The full text of the letter can be found below. A PDF of the letter can be found here.### January 15, 2020 We, the 328 undersigned community, civil rights, climate, health, consumer, labor, and student advocacy organizations write to urge you to boost the economy, tackle racial disparities, and provide much-needed stimulus to help all Americans weather the pandemic and the associated recession by using executive authority to cancel federal student debt on Day One of your administration. Before the COVID-19 public health crisis began, student debt was already a drag on the national economy, weighing heaviest on Black and Latinx communities, as well as women. That weight is likely to be exponentially magnified given the disproportionate toll that COVID-19 is taking on both the health and economic security of people of color and women. To minimize the harm to the next generation and help narrow the racial and gender wealth gaps, bold and immediate action is needed to protect student loan borrowers, including Parent PLUS borrowers, by cancelling existing debt. There is growing energy and strong bipartisan public support for immediate broad-based debt cancellation. Such executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy. Lawmakers and advocacy groups have introduced several proposals to provide various levels of student debt cancellation. In September, Senate Minority Leader Chuck Schumer and Senator Elizabeth Warren introduced a Senate resolution, joined by 12 other senators, to call on the next President to use executive action to cancel $50,000 in federal student loans for individual borrowers. The resolution highlights that the Higher Education Act empowers the Secretary of Education to cancel federal student debt administratively. During the campaign, you endorsed $10,000 of relief while Congress negotiated the CARES Act, and subsequently promised to provide broad student debt cancellation “immediately” as a coronavirus response. Administrative debt cancellation will deliver real progress on your racial equity, economic recovery, and COVID-19 relief campaign priorities. Student debt exacerbates existing racial inequities; cancellation will help reduce the racial wealth gap. The disproportionate impact of student debt on borrowers of color exacerbates existing systemic inequities and widens the racial wealth gap. Black Americans—and particularly Black women—are more likely to take on student loan debt and struggle with repayment. This burden is particularly acute for those Black students who are targeted by for-profit institutions, which also target veterans and often deliver poor instructional quality and outcomes at a high cost, causing a high proportion of students to drop out. Even for those students who do graduate, gainful employment in the field that they trained for is frequently elusive, leaving students with a lot of debt but not much to show for it. Student debt cancellation has the potential to increase the net wealth of Black households and could even help reduce the racial wealth gap. Cancellation will provide a much-needed economic stimulus. Today’s graduates face a dual crisis: in addition to the ongoing stagnation of wages, the pandemic has impacted their ability to earn income. Students who graduate into a recession face a “scarring” effect on their entire careers, leading to permanently lower employment and earnings. Data from before the pandemic showed that when subtracting all of their debts from all of their assets, today’s young adults with college degrees and student debt were left with a median net wealth of -$1,900 – a decline of approximately $9,000 from 2013. Student debt also impacts seniors, the nation’s fastest-growing group of student debtors. 37% of seniors with student loans are in default, and in 2015 alone, 40,000 borrowers over 65 had their Social Security garnished due to student loans. The mere presence of student debt on households’ balance sheets can make it harder or more expensive for families to get other types of credit and fully participate in the economy. Meanwhile, research shows that student debt cancellation catalyzes drastic, positive changes for borrowers, particularly for those not current on their loans. When borrowers’ student debt is cancelled, their ability to pay down other debts increases; their geographic mobility and ability to stay in rural communities improves, as do their opportunities to pursue better jobs. Cancelling student debt would jumpstart small business formation at a time when tens of thousands of small businesses have closed. These small business closures have most affected Black and Latinx business owners. Student debt cancellation would boost GDP, create jobs, and reduce unemployment. Federal student debt cancellation could have a positive impact on health outcomes. A growing body of research suggests that debt is linked to negative health outcomes and contributes to existing public health disparities. Debt is associated with negative mental and physical health outcomes such as stress, depression, worse self-reported general health, higher diastolic blood pressure, obesity, and even mortality. High blood pressure and obesity, in particular, are both mentioned by the Centers for Disease Control and Prevention (CDC) as conditions that can increase the risk of severe illness from the virus that causes COVID-19. Another study found a connection between debt and foregone medical care. Thus, broad-based student debt cancellation could have profound positive effects on health outcomes. Cancelling student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much needed economic relief and stimulus. We call on you to deliver on the promise of the Biden-Harris Racial Economic Equity plan by cancelling federal student debt by executive action on Day One of your administration. Thank you for your leadership, and we look forward to working with you to address the critical issues facing our nation. Sincerely, National Groups: 350.org Action Center on Race and the Economy (ACRE) Advocates for Youth Affordable Homeownership Foundation, Inc. AFT Local 1904–Montclair State University Agroecology Research-Action Collective Alliance for Strong Families and Communities Alliance for Youth Action American Academy of Social Work & Social Welfare (AASWSW) American Association of Colleges for Teacher Education American Association of University Women (AAUW) American Economic Liberties Project American Federation of Teachers American Medical Student Association American Psychological Association Americans for Democratic Action (ADA) Americans for Financial Reform Asian Pacific American Labor Alliance, AFL-CIO Asset Funders Network Association of Flight Attendants-CWA Association of Latino Administrators and Superintendents Augustus F. Hawkins Foundation Autistic Women & Nonbinary Network Bayard Rustin Liberation Initiative Bend the Arc: Jewish Action Campaign for America’s Future Center for Justice & Democracy Center for Law and Social Policy (CLASP) Center for LGBTQ Economic Advancement & Research Center for Popular Democracy Action Center for Responsible Lending CFPB Union NTEU 335 Change to Win Children’s Defense Fund Clearinghouse on Women’s Issues Coalition on Human Needs Communications Workers of America Community Organizing and Family Issues Community Oriented Correctional Health Services (COCHS) Consumer Federation of America Consumer Reports Council on Social Work Education Demand Progress Demos Disability Rights Education & Defense Fund (DREDF) Economic Justice Ministries, United Church of Christ Emgage Foundation Inc EMPath: Economic Mobility Pathways Faith in Action National Network Family Equality Forum for Youth Investment Franciscan Action Network Friends of the Earth U.S. Fund for Community Reparations for Autistic People of Color’s Interdependence, Survival, & Empowerment Generation Progress Girls Inc. Greenpeace Hispanic Federation Human Impact Partners In Our Own Voice: National Black Women’s Reproductive Justice Agenda Indivisible Insight Center for Community Economic Development Invest in Women Entrepreneurs Japanese American Citizens League Jobs With Justice Labor Council For Latin American Advancement Lawyers for Good Government (L4GG) League of United Latin American Citizens (LULAC) Legal Aid at Work Liberation in a Generation Media Voices for Children Minority Veterans of America MomsRising MoveOn MyPath NAACP NACBHDD – National Association of County Behavioral Health and Developmental Disability Directors NARMH – National Association for Rural Mental Health National Action Network National Advocacy Center of the Sisters of the Good Shepherd National Alliance for Partnerships in Equity (NAPE) National Association for College Admission Counseling National Association for Latino Community Asset Builders National Association of Consumer Advocates National Association of Consumer Bankruptcy Attorneys (NACBA) National Association of Social Workers (NASW) National Black Justice Coalition National Center for Law and Economic Justice National Center for Lesbian Rights National Children’s Campaign National Community Reinvestment Coalition (NCRC) National Consumer Law Center (on behalf of its low-income clients) National Council of Asian Pacific Americans (NCAPA) National Disability Rights Network (NDRN) National Domestic Violence Hotline National Education Association National Employment Law Project National Equality Action Team (NEAT) National Latino Farmers & Ranchers Trade Association National Partnership for Women & Families National Urban League National WIC Association National Women’s Law Center National Young Farmers Coalition New Entry Sustainable Farming Project NextGen America Nonprofit Professional Employees Union, IFPTE Local 70 OCA – Asian Pacific American Advocates Oil Change U.S. Organic Consumers Association Parents Organized to Win, Educate and Renew – Policy Action Council PDK International People For the American Way People’s Action People’s Parity Project Progressive Change Campaign Committee (BoldProgressives.org) Progressive Leadership Initiative Project on Predatory Student Lending Protect All Children’s Environment Public Advocacy for Kids (PAK) Public Citizen Public Good Law Center Rachel Carson Council Restaurant Opportunities Centers United Revolving Door Project Rise School Social Work Association of America Service Employees International Union (SEIU) Sikh American Legal Defense and Education Fund (SALDEF) SisterSong National Women of Color Reproductive Justice Collective Social Security Works Southeast Asia Resource Action Center (SEARAC) Southern Rural Black Women’s Initiative for Economic and Social Justice SparkAction Student Action Student Borrower Protection Center Student Debt Crisis Student Defense Student Voice SumOfUs Sunrise Movement Swipe Out Hunger Take on Wall Street Tax March The Climate Mobilization The Coalition of Labor Union Women The Congress of Essential Workers The Debt Collective The Education Trust The Feminist Front (FF) The Forum for Youth Investment Towards Justice U.S. Federation of Worker Cooperatives UE, United Electrical, Radio and Machine Workers of America UnidosUS United for a Fair Economy United for Respect United Parents And Students United State of Women United States Student Association UnKoch My Campus URGE: Unite for Reproductive & Gender Equity Voices for Progress Working Families Party Young Invincibles State Groups: AAFF South Region ACTION Tulsa AFGE Local 3354 (AFL-CIO) AFGE Local 704 AFT-Oregon AKPIRG Amara Legal Center American Federation of Teachers, Local 2274 Ramapo College of New Jersey American Federation of Teachers, Washington Anti-Poverty Network of New Jersey Arkansas Community Institute Arkansas Community Organizations Association of Legal Aid Attorneys – UAW Local 2325 Black Leaders Organizing for Communities (BLOC) Bucks County Womens Advocacy Coalition California LULAC Carolina Jews for Justice CASA Cash Campaign of Maryland Center for Economic Integrity Charlotte Center for Legal Advocacy Chicago United for Equity Chicago Urban League Children’s Defense Fund Southern Regional Office Children’s Defense Fund-CA Church Women United in New York State Citizen Action of Wisconsin CitySeed Civil Service Bar Association Cleveland Jobs with Justice coasap Communities for Our Colleges, WA Community Legal Services, Inc. of Philadelphia Community Service Society of New York Community Voices Heard Comprehensive Youth Services Inc. Consumer Federation of California Convencion Bautista Hispana de Texas Cooperative Baptist Fellowship of Texas Debt-Free MD, INC. Delaware Community Reinvestment Action Council, Inc. Denver Area Labor Federation, AFL-CIO East Bay Community Law Center Education Minnesota Empire Justice Center Equality North Carolina Fayetteville Police Accountability Community Taskforce Florida Asian Services Florida Asian Women Alliance Forward Montana Friendship of Women, Inc. Generation Hope Georgia Watch Grassroots Action NY Greenlining Institute Hildreth Institute Homeless and Housing Coalition of Kentucky Hometown Action Housing and Economic Rights Advocates Hudson County Central Labor Council IFPTE Local 194 Indivisible San Diego Inversant Iowa Citizens for Community Improvement Iowa Student Action Jacksonville Area Legal Aid, Inc. Just-A-Start Corporation Kanawha Valley National Organization for Women Kentucky Center for Economic Policy Leaders Igniting Transformation Legal Aid Society of Milwaukee Legal Aid Society of the District of Columbia Legal Services Staff Association, NOLSW/UAW 2320 Long Beach Alliance for Clean Energy Los Amigos of Orange County Louisiana Budget Project LSCNY, Inc. LULAC of Simi Valley MAHA Maine Center for Economic Policy Maryland Consumer Rights Coalition Massachusetts Affordable Housing Alliance Massachusetts Budget and Policy Center Massachusetts Jobs with Justice Miami Valley Fair Housing Center, Inc. Michigan Poverty Law Program Millennial Rhode Island Mission Possible Community Services, Inc. Mississippi Center for Justice Mobilization for Justice Montana Fair Housing Morgantown Pastoral Counseling Center, Inc. MS Black Women’s Roundtable and MS Women’s Economic Security Initiative National Council on Alcoholism and Drug Dependence-Maryland Chapter NC Climate Justice Collective Network for Victim Recovery of DC New Economics for Women New Economy Project New Era Colorado New Georgia Project New Hampshire Youth Movement New Jersey Advocates of Education (NJAE) New Jersey Association of Mental Health and Addiction Agencies, Inc. New Jersey Citizen Action New Jersey Institute for Social Justice New York Legal Assistance Group (NYLAG) New York Public Interest Research Group (NYPIRG) NextGen California NJ Communities United Northeast Organic Farming Association-Interstate Council (NOFA-IC) Northeast Sustainable Agriculture Working Group OCA – Asian Pacific American Advocates: San Francisco Chapter OCA Asian Pacific Advocates – Greater Seattle OCA Greater Chicago OCA Greater Cleveland – Asian Pacific American Advocates OCA South Florida Chapter Ohio Student Association Olive Hill Community Economic Development Corporation, Inc PA Stands Up Pennsylvania Council of Churches Piedmont Alliance for the Prevention of Substance Abuse (PAPSA) Premier Women’s Council Progressive Leadership Alliance of Nevada Public Counsel Public Higher Education Network of Massachusetts (PHENOM) Public Justice Center Public Law Center Quiet Creek Herb Farm & School of Country Living Reinvestment Partners Rhode Island College AFT Local 1819 S.C. Appleseed Legal Justice Center Save Us Now Inc SEIU Local 509 SOULS Southern Echo Inc. Southern Maryland Community Network SPACEs In Action Strong Economy For All Coalition The Freedom BLOC The Health, Education and Legal assistance Project: A Medical-Legal Partnership at Widener University Delaware Law School (HELP: MLP) The Midas Collaborative THE ONE LESS FOUNDATION The Recovery Council Triangle Community Foundation Tzedek DC United Action for Idaho United Vision for Idaho Unity Fellowship of Christ Church NYC Virginia Organizing VOCAL-NY VOICE – OKC Wayne State University, AAUP-AFT Local 6075 We All Rise West Virginia Center on Budget and Policy Wisconsin Faith Voices for Justice Wisconsin Network for Peace and Justice Women Employed Women’s Foundation of Arkansas Women’s Foundation of Minnesota Women’s Fund of Rhode Island Women’s Rights and Empowerment Network WV Citizen Action Education Fund Zero Debt Massachusetts

Three-fourths of respondents are not financially secure enough to begin making student loan payments again, uncertain when they will be beyond January 31 Media Contacts: Cody Hounanian, Student Debt Crisis, cody@studentdebtcrisis.org, (646) 820-8037 Ian Coon, Savi, ian@bysavi.com, (515) 822-8834 Washington, DC, December 7, 2020— Student Debt Crisis, the nation’s largest student debt advocacy organization, and Savi, a social impact technology company working to help solve the crisis, completed a nationwide survey last week with 58,733 student loan borrowers. The survey is a longitudinal comparison against a similar survey conducted in April. Even with the recent announcement of a short-term extension suspending student loan payments and interest until January 31, 2021, the findings are bleak, underscoring that student loan borrowers are worse off now than in the spring. While the short-term federal relief was generally helpful to borrowers impacted by the economic damage of COVID-19, most are facing long-term challenges that will remain for months or years to come. 77% of borrowers do not feel financially secure enough to resume payments on federal student loans until June 2021 or later. 65% of borrowers are facing increased anxiety, depression, or stress due to the burden of student loan debt during the COVID-19 pandemic. 52% of borrowers rate their current financial wellness as poor or very poor since the COVID-19 pandemic began in March. Only 21% rated their financial wellness as poor or very poor prior to the pandemic. 35% of healthcare workers with student loan debt have experienced reduced work hours caused by the COVID-19 pandemic. Borrowers of color are disproportionately likely to report missing a rent or mortgage payment, experience food insecurity and homelessness or be unable to afford healthcare and medicine during the pandemic due to their student loan payments. “This is the largest survey of student loan borrowers we’ve undertaken with a 51% increase in responses from our first series in April. People are deeply concerned about the continuing impact of COVID-19 and their student debt burden is creating uncertainty about the future. The data shows that borrowers are not even close to ready to begin making payments again when relief ends on January 31st. Healthcare workers, educators, and people of color are even less certain of their financial security.” said Natalia Abrams, Executive Director of Student Debt Crisis. “Student debt relief policies are rapidly changing and borrowers want elected officials to know the difficulties they face. With Congress still negotiating additional relief, and The White House failing to use its authorities to provide a permanent solution, we’re echoing the voices of our supporters to call for bold relief that is right and just by Americans during this crisis.” “Savi fully supported extending the student loan payment pause until January 31, 2021 as borrowers continue to struggle in the wake of COVID-19. We know that many borrowers were concerned about payments resuming in January and this provides some needed relief,” said Aaron Smith, co-founder of Savi. “We will continue to work to educate and support student loan borrowers. No one should have to choose between going to the doctor and putting food on the table vs. making a student loan payment in the midst of an unprecedented pandemic.” Savi and Student Debt Crisis are urging every loan borrower who is or will be struggling to make their monthly payment to enroll in an existing federal income-driven repayment plan to receive an affordable (as low as $0/month) monthly payment and avoid defaulting on their loan. A free COVID-19 Student Loan Aid Tool will be available until January 31, 2021 to assist borrowers with the enrollment process digitally. In a separate survey, Pew Charitable Trusts found that there was likely to be a significant amount of confusion and strain on student loan servicers around the resumption of payments, and similarly urged borrowers to act ahead of time. Additional survey findings, including a downloadable and shareable report, can be found online at https://studentdebtcrisis.org/student-debt-covid-survey-2/. The poll received 58,733 full completed responses from borrowers in all 50 states from November 30 to December 4, 2020. Findings can be broken down by demographic, geographic, occupational and socioeconomic statuses upon request. About Student Debt Crisis Student Debt Crisis is a non-profit (501(c)(4)) organization dedicated to fundamentally reforming student debt and transforming higher education loan policies. Student Debt Crisis is committed to advocating for big structural change and to working directly with borrowers to understand their challenges and fears, repayment obstacles and frustrations. They are on the frontlines addressing the vital issues to student loan borrowers and strengthening consumer protection policies with legislators and the media. At the same time, they work in conjunction with higher education experts on educating and equipping borrowers to take charge of their own debt with lectures, workshops and helpful resources. About Savi Savi is a social impact technology startup based in Washington, D.C. that is working to solve the student debt crisis affecting 46 million borrowers by helping them discover new repayment and loan forgiveness options. Founded by long-time student loan experts and advocates, Savi is a Public Benefit Corporation that has identified for borrowers more than $200 million in projected forgiveness.  Savi works with employers, membership organizations, and financial institutions to provide our service as a unique student loan benefit.  Follow on Twitter at @bysavi and Facebook at @bySaviUSA. ###

The COVID-19 pandemic is out of control, yet federal student loan relief is set to expire on January 31, 2021. A national poll of 58,733 student loan borrowers conducted between November 31 and December 4, 2020 finds that most people are not financially secure to resume payments, economic challenges disproportionately harm people of color and older people, and essential healthcare and education workers face unique obstacles. The findings show their situation has declined since the first survey was conducted in April 2020. Read the full report below or find the PDF here. This survey is the second in a series with the objective of understanding the impact of student loan debt during the COVID-19 pandemic and to collect feedback on borrower experiences. The 46-question survey was distributed online to a database of Student Debt Crisis followers that includes approximately 2 million people.

Today, 77 community, civil rights, consumer, and student advocacy organizations sent a letter to Education Secretary Betsy DeVos, urging her to extend the suspension of payments on federal student loans through September 2021. The current suspension on federal student loans is set to expire on December 31, 2020. If the Education Department doesn’t extend the current suspension, borrowers will find it harder than ever to make ends meet as they are thrown back into repayment or forced collections while the economy continues to suffer. Signers include the American Federation of Teachers, the Center for Responsible Lending, The Education Trust, Modern Military Association of America, NAACP, the National Consumer Law Center (on behalf of its low-income clients), the National Education Association, Public Citizen, UnidosUS, Veterans Education Success, Young Invincibles, and Americans for Financial Reform. The full text of the letter can be found below. ### October 28, 2020 The Honorable Betsy DeVos Secretary of Education U.S. Department of Education 400 Maryland Ave., SW Washington, DC 20202 Dear Secretary DeVos: We, the 76 undersigned community, civil rights, consumer, labor, and student advocacy organizations, write to urge you to immediately extend the federal student loan suspension and the halt on involuntary collections through at least September 30, 2021. Current economic projections, coupled with the spike in the average number of new coronavirus cases per day, indicate our nation will remain in a state of emergency for many months ahead.<1> You have the authority under the Higher Education Act to meaningfully solve the student debt problem by canceling federal student loan debt.<2> At the very least, by extending the repayment pause, your action can support millions of borrowers—particularly borrowers of color, who are disproportionately impacted by the current crises, and others experiencing significant financial distress—who need the financial support this repayment pause brings to their household budgets. On August 8, 2020, President Trump issued a Presidential Memorandum that effectively extended the repayment suspension on federal student loans and the halt on involuntary collections until December 31, 2020. The Department of Education (“the Department”) has not updated the current end date, nor given any indication it will be renewing the suspension. The memorandum’s upcoming expiration creates a cliff where borrowers would need to begin repaying their loans on January 1, 2021, despite the ongoing public health and economic crises. If the cliff isn’t resolved, borrowers will find it harder than ever to make ends meet as they are thrown back into repayment or forced collections while the economy continues to suffer. Waiting to address the cliff will cause unnecessary stress, confusion, and errors for borrowers, servicers, and collectors alike. If it isn’t clear by November 15 that more relief is coming for the nation’s student loan borrowers, it will be difficult for them to plan for the holiday season and beyond — making the Department’s need to act even more urgent. As borrowers experienced earlier this year, the gears of the government’s debt collection machine do not turn on and off easily or quickly. Months after Congress prohibited wage garnishment for student loan defaults, borrowers sued the Department for illegally garnishing 54,000 borrowers’ wages<3>—and, as the Department has told the court, garnishment continues against many borrowers today. Tens of thousands of borrowers in default had their tax returns seized illegally,<4> and they now have to worry that their 2021 tax returns may be seized as well. Even the largest benefit of the payment pause—the suspension of payments and interest—was not fully implemented until months after the CARES Act took effect. Although the CARES Act was supposed to protect borrowers’ credit, at least one student loan servicer illegally provided inaccurate information on nearly five million borrowers to credit bureaus, which then reported this information to third parties.<5> As a result, borrowers saw their credit scores drop and, in some cases, lost access to affordable credit. The Department and its debt collectors still are not complying with provisions under the CARES Act. The current myopic approach to restarting repayment has the potential to cause a repeat of these sorts of implementation problems at a time when our economy can least afford it. Pre-pandemic default and delinquency rates were already extremely high and will likely be even higher in January if the administration does not act. Recent graduates are likely facing permanent negative effects on their lifetime income and wealth accumulation as a result of graduating into a historic recession, and they will have a particularly hard time making payments in the worst job market since 2008.<6> Struggling borrowers in default will face wage garnishment at a time when every extra dollar they have is vital toward paying for basic necessities. Senior citizens—who are the nation’s fastest-growing group of student debtors and often take out student loans on behalf of dependents—risk having their Social Security benefits offset. In 2015 alone, 40,000 borrowers over 65 had their Social Security garnished due to student loans.<7> If student loan payments resume on January 1, repayment will compound the difficulty created by unprecedented labor shocks and ongoing economic hardship. The most recent Census Household Pulse Survey showed that ten percent of adults were either “sometimes” or “often” without enough food to eat in the last week,<8> and 31.9% of adults live in households where it has been somewhat or very difficult to pay usual household expenses.<9> The same survey showed that, of those living in households not up to date on their rent or mortgage payments, one-third believe they will face eviction or foreclosure in the next two months.<10> Relatedly, recent research indicates that the national economic crisis and unresponsive social safety net have forced 8 million Americans into poverty since May 2020.<11> The pandemic has disproportionately affected Black and brown communities that are also disproportionately affected by the burdens of student loan debt and default because of exclusionary policies and systemic barriers that have resulted in persistent racial inequities in incomes and wealth.<12> The pandemic has also caused a disproportionate number of women, and especially Latinas, to leave the workforce.<13> Meanwhile, women hold two-thirds of the country’s student debt and on average borrow $3,000 more than men to attend college—yet because of the wealth and wage gaps, women find it harder to repay their loans.<14> Of Latino borrowers in repayment on their student loans, 15% were in default and another 29% were seriously delinquent on their payments.<15> The uncertainty looming over the country’s 43 million student loan borrowers will affect the nation’s small businesses and the broader retail sector, as ongoing uncertainty about upcoming loan repayments could lead many people to hold back from the holiday shopping season that so many retailers depend on for a substantial portion of their annual revenues. Some borrowers have already started receiving notices from servicers about their payments resuming in the near future. As one indicator of broad-based support, almost nine in ten (86%) student borrowers in North Carolina support an extension through September 2021, with two-thirds (67%) strongly supporting the extension.<16> But the nation’s student loan borrowers are not alone in feeling the impact of the uncertainty of the looming cliff and needing action from the Department. Failing to extend the suspension and prohibition on involuntary collections now will also create serious complications for the nation’s student loan servicers, which would need to rapidly implement and communicate changes to millions of accounts during this ongoing emergency. Servicers and collectors struggled to promptly comply with the CARES Act and related emergency relief, and an abrupt end to relief or stop-start guidance would generate more complexity and a higher likelihood of errors. We urge you to immediately extend the repayment pause at least through the end of the current fiscal year: September 30, 2021. Doing so would bring both certainty and relief to the nation’s student loan borrowers. As the pandemic continues to wreak havoc, borrowers need to know they won’t be pushed over this cliff. Sincerely, National Groups: Action Center on Race and the Economy (ACRE) Affordable Homeownership Foundation, Inc. African American Ministers In Action Allied Progress American Association of University Women (AAUW) American Federation of Teachers Americans for Financial Reform Center for Disability Rights Center for Economic Integrity Center for Justice & Democracy Center for Law and Social Policy (CLASP) Center for Responsible Lending Clearinghouse on Women’s Issues Consumer Action Consumer Federation of America Consumer Federation of California Consumer Reports Empowering Pacific Islander Communities (EPIC) Feminist Majority Foundation Friendship of Women, Inc. Generation Progress Hildreth Institute Japanese American Citizens League Justice & Local Church Ministries, United Church of Christ Kids Forward Laotian American National Alliance Modern Military Association of America NAACP National Action Network National Alliance for Partnerships in Equity (NAPE) National Association for College Admission Counseling National Center for Law and Economic Justice National Community Reinvestment Coalition (NCRC) National Consumer Law Center, on behalf of its low-income clients National Down Syndrome Congress National Education Association National Equality Action Team (NEAT) National Urban League National Workrights Institute National Young Farmers Coalition New Economics for Women People For the American Way Public Citizen Public Good Law Center Public Justice Center Public Law Center Revolving Door Project Social Security Works Student Borrower Protection Center Student Debt Crisis Tewawomenunited.org The Debt Collective The Education Trust U.S. Public Interest Research Group (PIRG) UnidosUS Veterans Education Success Young Invincibles State Groups: Alaska PIRG Arkansas Community Institute Arkansas Community Organizations CASH Campaign of Maryland The Collaborative of NC Convencion Bautista Hispana de Texas Maine Center for Economic Policy Maryland Consumer Rights Coalition (MCRC) Massachusetts Affordable Housing Alliance Michigan League for Public Policy The New Georgia Project North Carolina Council of Churches North Carolina Justice Center Pennsylvania Council of Churches Pisgah Legal Services Public Higher Education Network of Massachusetts (PHENOM) Tzedek DC Virginia Poverty Law Center Wisconsin Faith Voices for Justice

End abusive practices by the student loan industry. Create minimum standards for student loan companies. Enact special protections for military families, teachers and other public service workers,  disabled borrowers, and older Americans. Create a new Student Loan Ombudsman to advocate on behalf of borrowers. ∙ Demand transparency from the student loan industry. These new consumer protections will give individual borrowers, the California Attorney  General, and the Department of Business Oversight strong new tools to stand up for student loan borrowers, ensuring that California continues to lead the nation in the fight to end the student debt crisis.  The bill’s sponsors acknowledge the significance of AB 376 for the almost 4 million California  borrowers holding a total of $147 billion in student loan debt:  "The Student Borrower Bill of Rights is a game-changing law that establishes the strongest standards in the nation to ensure student loan companies act in borrowers' best interests," said  Suzanne Martindale, Senior Policy Counsel & Western States Legislative Manager at Consumer  Reports. "We encourage other states to adopt the comprehensive approach taken by California  to hold loan servicers accountable for treating borrowers fairly.” “We applaud Governor Newsom for doing right by nearly 4 million Californians burdened by student loan debt,” said Arnold Sowell Jr., Executive Director of NextGen California. “When pursuing the promise of higher education, no student should be subject to predatory lending practices by student loan servicers. By signing this groundbreaking legislation into law, the  Governor has provided real consumer protections to student loan borrowers and shown how  California is a leader throughout the nation in helping to solve the student debt crisis.”  "Today is a huge victory for student borrowers in California," said Kristin McGuire, Western  Region Director at Young Invincibles.“ We know that overwhelming student debt disproportionately impacts Black, Latinx, and first-generation college students. The passage of  AB 376 will help ensure that these borrowers, along with veterans, are protected from predatory lending practices that have plagued our communities for far too long. We applaud  Governor Newsom’s leadership and his efforts to protect borrowers.”  "We are incredibly thankful for Assemblymember Mark Stone’s commitment to protect borrowers and defend students from industry abuses. With Governor Newsom’s signature,  Assemblymember Stone’s Student Borrower Bill of Rights is now law guaranteeing millions of people with student loan debt have the consumer rights and protections they deserve," said  Natalia Abrams, executive director of the nonprofit advocacy organization Student Debt Crisis. "For years, thousands of California student loan borrowers told us about problems with student loan companies. These problems have cheated people out of millions of dollars and caused real stress for families who had no recourse. Now, with the Student Borrower Bill of Rights,  Californians have enforceable rights and can take action when they are harmed." "For too long, student loan borrowers across California have been trapped in a broken student loan system and preyed upon by companies that act as if they are above the law," said Student  Borrower Protection Center, Executive Director Seth Frotman. "Today is a new day for 4 million Californians with student debt-- borrowers across the state now have the tools they need to  hold predatory companies accountable and seek justice when denied their rights under the  law.”

California is on Verge of Enacting the Nation’s Strongest Consumer Protections for Student Loan Borrowers Following Final Approval by Senate and State Assembly August 31, 2020 | SACRAMENTO, CA — Today, following approval by the California State Assembly, the Student Borrower Bill of Rights (AB 376, Stone) is being sent to Governor Gavin Newsom. Over 80 organizations supporting AB 376 are now calling on the Governor to sign AB 376 into law and deliver desperately needed consumer protections to nearly 4 million Californians with student loan debt. On Friday, the State Senate voted 29-9 to pass this important measure authored by Assemblymember Mark Stone (D- Monterey Bay). With nearly 4 million Californians owing more than $140 billion in student loan debt — an average of $37,000 per individual, the state was in the midst of a student debt crisis long before the pandemic began. Since then, borrowers have continued to struggle to manage their loans and stay afloat. Governor Newsom distinguished himself as a champion for struggling student loan borrowers when in April, he worked with the student loan servicing industry to deliver payment relief to over a million Californians with private student loans, as these borrowers continue to be ignored by the Trump Administration. In recent years, private-sector student loan servicing companies have been the subject of numerous investigations and consumer complaints for abusive practices and shoddy treatment that make it more difficult for borrowers to manage their loans, access legal rights to more affordable payment options, and avoid default. The legislation would create enforceable industry-wide standards for loan servicing companies and protect existing and future borrowers from predatory lenders. “This final vote by the state Assembly brings millions of California student loan borrowers just a signature away from having the rights and protections they need and deserve,” said Seth Frotman, Executive Director of the Student Borrower Protection Center. “For years, Governor Newsom has been a leader in taking action when others fall short. He can do that again by signing the Student Borrower Bill of Rights into law.” “We applaud the California state legislature for passing AB 376 and moving one step closer to creating the nation’s strongest protections for student loan borrowers. We strongly advise Governor Newsom to sign the Student Borrower Bill of Rights into law and provide essential protections for California’s most vulnerable and underserved borrowers,” said Natalia Abrams, Executive Director of Student Debt Crisis. “Californians needed robust consumer protections from student loan industry abuses when this bill was introduced over a year ago. Today, in the middle of the worst health and economic crisis in generations, the Student Borrower Bill of Rights is needed more than ever.” “We are pleased that California lawmakers have taken decisive action to stand up for student borrowers, particularly at such a stressful time for families and communities across the state,” said Suzanne Martindale, Senior Policy Counsel & Western States Legislative Manager at Consumer Reports. “AB 376 establishes common sense rules that will help borrowers manage their education debt and protect them from predatory practices that make loans more expensive. We urge Governor Newsom to sign the Student Borrower Bill of Rights into law without delay.” “With Black and Latinx communities hit hardest by the COVID 19 crisis and its economic fallout, we are pleased that our legislature has decided to stand with the millions of student borrowers across the state, especially those who are most vulnerable,” said Kristin McGuire, Western Region Director at Young Invincibles. “We are one step closer to ensuring that these protections become a reality in California. We applaud Governor Newsom’s demonstrated leadership during this crisis and urge him to sign AB376 into law immediately.” “We applaud the California State Legislature for doing right by nearly 4 million Californian’s burdened by student loan debt,” said Arnold Sowell Jr., Executive Director of NextGen California. “When pursuing the promise of higher education, no student should be subject to predatory lending practices by student loan servicers. By signing this groundbreaking legislation into law, Governor Newsom has the unique opportunity to give real consumer protections to student loan borrowers and make California a leader throughout the nation in helping to solve the student debt crisis.” “The passage of AB 376, and hopefully signing into law by Governor Newsom, would make California the first state in the nation to regulate the aggressive debt collection tactics by student loan servicing corporations,” said Jeff Freitas, President of the California Federation of Teachers. “AB 376 is a critical step in making higher education affordable for all Californians, including the many educators who are now saddled with crushing debt in order to provide an essential service to California’s students.” About the Student Borrower Bill of Rights, AB 376 AB 376, the California Student Borrower Bill of Rights, authored by Assemblymember Mark Stone (D- Monterey Bay) will create new consumer rights for all California student loan borrowers and establish special protections for military personnel and their families, nurses, teachers, and the disabled community. The legislation would require student loan companies to train their staff to understand these rights and create strong new consumer protections to prevent student loan companies from deceiving and misleading student loan borrowers. This bill also creates new penalties for companies that trick borrowers out of their repayment and public loan forgiveness rights and, for the first time, gives individual borrowers new legal remedies to address predatory and abusive practices. About Co-Sponsors: Consumer Reports is an expert, independent, non-profit organization whose mission is to work for a fair, just, and safe marketplace for all consumers and to empower consumers to protect themselves. Consumer Reports works for pro-consumer policies in the areas of financial services, as well as telecommunications, health care, food and product safety, energy, telecommunications, privacy and data security, and competition and consumer choice, among other issues, in Washington, DC, in the states, and in the marketplace. Consumer Reports is the world’s largest independent product-testing organization, using its dozens of labs, auto test center, and survey research department to rate thousands of products and services annually. Founded in 1936, Consumer Reports has over 6 million subscribers to its magazine, website, and other publications. NextGen California is a non-profit organization dedicated to working on California legislative, budgetary, regulatory, and programmatic issues. Originally founded in 2014 to focus on climate and environmental policy, in recent years, NextGen California has broadened its scope to advance solutions to various economic and social justice issues. Specifically, our policy portfolio now encompasses topics such as: criminal justice and immigration; healthcare and food insecurity; mental health and voting rights; student loan debt and the Census; veterans issues and consumer protections; and affordable housing and environmental justice. The Student Borrower Protection Center is a nonprofit organization focused on alleviating the burden of student debt for millions of Americans. SBPC engages in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance economic opportunity for the next generation of students. Led by the team of former federal regulators that directed oversight of the student loan market at the Consumer Financial Protection Bureau, SBPC exposes harmful and illegal practices in the student loan industry, drives impact litigation, advocates on behalf of student loan borrowers in Washington and in state capitals, and promotes progressive policy change. SBPC accomplishes these goals by partnering with leaders at all levels of government and throughout the nonprofit sector. Student Debt Crisis is a non-profit (501c4) organization dedicated to fundamentally reforming student debt and higher education loan policies. Student Debt Crisis (SDC) takes a personal approach to member needs—working directly with borrowers to understand their challenges and fears, repayment obstacles and frustrations. SDC tackles the challenges of loan refinancing and consumer protection policies with media and legislators, as well as educating borrowers and higher education experts with lectures, webinars and special events. Young Invincibles (YI) is a national nonprofit, non-partisan advocacy and research organization working with and for young adults to address the generation’s most pressing economic challenges by amplifying the voices of young adults in the political process. With a focus on higher education, health care, workforce development, and civic engagement, our work is guided by the belief that every young person – regardless of race, gender, socioeconomic status, or any other factor – deserves a fair chance to achieve their goals and reach financial stability. The California Federation of Teachers represents 120,000 teachers, faculty, and school employees in public and private schools and colleges, from early childhood through higher education. It is the statewide affiliate of the AFT. More information at www.cft.org.

33% of federal student loan borrowers were already struggling to afford their payments before COVID-19; that number increases to 46% of people who expect to struggle in 6 months after federal relief is scheduled to end. 36% of federal student loan borrowers were not aware there was COVID-19 relief, and 40% didn't know the federal COVID-19 relief was automatically applied. Over 20% of respondents said their student loan payments made them unable to afford medicine or healthcare expenses during the COVID-19 pandemic. Also, 20% of respondents said their student loan payments made them experience food insecurity. Over 14% of respondents say their student loan payments caused them to miss a rent/mortgage payment during the COVID-19 pandemic. More federal loan borrowers disagree that COVID-19 relief improved their financial situation than those who agree. 80% of private loan borrowers are unaware that COVID-19 relief exists for private loans. 70% of private loan borrowers are not receiving any relief from their loan company. 59% of respondents are facing increased stress, anxiety, and depression caused by their student loans during the COVID-19 pandemic. 89% of federal loan borrowers support some form of cancellation. 37% of respondents are Healthcare or Social Assistance workers. 7,955 of 38,802 respondents have had their hours reduced, lost their job, or been furloughed"We are blown away by the immense response to our Student Debt and COVID-19 survey. Despite the great confusion, frustration, and economic harm facing student loan borrowers today, over 38,800 people shared their experience with us - that's a 385% increase compared to our most successful previous survey. Even during a national crisis, people with student debt remain vocal and committed to helping advocates better understand their challenges and policy failures," said Natalia Abrams, Executive Director of Student Debt Crisis. "This data shows that many people with federal student loans are facing a financial disaster when relief ends. It reminds us there are glaring outcome disparities for borrowers who are older or who are black or brown. And, sadly, it documents the student debt crisis facing essential workers and healthcare professionals. “Student loan relief only works if borrowers know it exists and understand the rules.  COVID-19 has only increased the burden of student loans, yet 1 out of 3 borrowers do not even know about the student relief passed by Congress. Borrowers need education and better tools to help reduce their debt,” said Aaron Smith, co-founder of Savi. “We believe technology is one important part of the solution to making student loans simpler and more stress-free.” Additional Survey Findings Impact of student loans by age: Student loans and COVID-19 are hurting all Americans, but the impact is even greater for older Americans Student loan borrowers over the age of 46 were 50% more likely than borrowers age 18-45 to report that student loan debt contributed to bankruptcy or closing a small business. 67% of student loan borrowers over age 65 reported greater anxiety and depression due to their student loans, it was 55% for other age groups. 6% of student loan borrowers over age 65 reported having their social security benefits garnished post-COVID, despite the fact that the Department of Education was supposed to pause social security garnishments.In terms of education and awareness, student loan borrowers over age 45 consistently had less information or wrong information about new student loan relief provided by the CARES Act: 33% of borrowers over age 45 said that they were not aware of federal student loan relief, compared to 30% for borrowers under age 45. 25% of borrowers over age 45 incorrectly stated that federal loans were NOT suspended for 6 months, compared to just 19% for borrowers under age 45. 22% of borrowers over age 45 incorrectly stated that federal student loan relief is NOT applied automatically, compared to 18% for borrowers under age 45. Impact of Student Loans by Race: Borrowers of color are less aware of COVID-19 relief while also facing more difficulty affording necessities like food and housing. More than 43% of Native Americans, 38% of African Americans, and 38% Latinx Americans did not know that there was COVID-19 relief available for federal student loans as a part of the CARES Act stimulus, compared to 31% of Whites. More than 24% of African Americans did not know that their federally-held student loan payments are paused for 6 months, compared to less than 19% of Whites. More than 60% of White Americans are facing higher levels of anxiety, depression or stress as a result of their student loan payments, compared to more than 11% of African Americans and Latinx Americans. More than 22% of Latinx Americans are experiencing food insecurity as a result of their student loan payments, compared to over 17% of African Americans and 16% of White Americans. More than 11% of African Americans and Latinx Americans missed a rent or mortgage payment as a result of their student loan payments, compared to just 6.5% of White Americans. Impact of Student Loans on Essential Workers: Frontline workers are burdened with high student loan totals and are concerned they will not be able to afford their payments when federal relief is scheduled to end. More than 59% of Essential Workers owe more than $50,000 in student loans, nearly one-third (31%) owe more than $100,000, and 10% owe more than $200,000. More than 42% of Essential Workers expect to not be able to pay their student loans at all 6 months from now; 49% of Essential Workers expect to struggle to pay their student loans in 6 months from now. In total, 91% of Essential Workers expect to either be unable to pay or struggle to pay their student loans in 6 months from now. 36% of Essential Workers were not aware that there was COVID-19 relief for federal student loans. 19% of the respondents said they were in “Educational Services” industry Impact of Student Loans on Health Care Workers: Healthcare workers have high student loan totals and a majority of them are facing income and employment disruption. Over 91% of Health Care workers expect to struggle to make their student loan payments 6 months from now; 40% expect not be able to make a payment and more than 14% expect to default 6 months from now when federal relief is scheduled to end. 53% of the respondents who work in the healthcare industry have had their hours reduced, lost their job, or been furloughed. More than 21% of Health Care workers with over $100,000 in student loans, make less than $50,000 per year. More than 38% of Health Care workers have over $100,000 in student loans and more than 14% of Health Care workers have over $200,000 in student loans. 37% of the respondents who provided occupation said they were in “Health Care and Social Assistance” industry More than 57% of essential workers surveyed work in health care, and more than 80% of healthcare workers surveyed are essential employees. Methodology This survey was conducted by advocacy organization Student Debt Crisis and social-impact startup Savi. It received 38,802 respondents from all 50 states from May 8, 2020, through May 19, 2020. The objective of this survey was to better understand the impact of student debt during the COVID-19 pandemic and to collect feedback on borrower experiences. The 46-question survey was distributed online to a database of Student Debt Crisis followers that includes approximately 1.3 million people.  Age:TotalPercentage18-2518409.05%26-35701434.51%36-45585228.79%46-55349617.20%56-6516538.13%Over 654722.32%All20327 Gender:TotalPercentageMale435419.97%Female1695977.77%Transgender870.40%Other970.44%Prefer not to specify3111.43%All21808 Race:RaceTotalPercentageAmerican Indian or Alaska Native4862.15%Asian7503.32%Black or African American313613.87%Native Hawaiian or Other Pacific Islander1700.75%White1625471.90%Prefer not to answer18118.01%All22607 Ethnicity:EthnicityTotalPercentageHispanic or Latino or Spanish Origin240010.20%Not Hispanic or Latino or Spanish Origin1754474.58%Prefer not to answer358115.22%All23525