To finance the increasing cost of college, students and families have increasingly resorted to private student loans, defined as student loans originated outside of the Federal FFEL or Direct Student Loan programs by commercial entities. Private student loans generally include higher interest rates and conditions less favorable to borrowers than federally-backed loans.
Through public policy and legislative action, NACAC seeks to ensure that private student lending outside of the federal loan programs is carefully monitored to ensure that student and family concerns are protected.
NACAC Policy Brief: Private Student Loans and TARP Reform
Private Student Lender Bailout Provisions
The Higher Ed Watch: The Perverse Consequences of a Bankrupt Policy
The Higher Ed Watch: Stimulus Agreement Reached That Will Benefit Students and Colleges
HR 384 “TARP Reform and Accountability Act of 2009”
House Financial Services Committee TARP Resource Page
Senate Committee on Finance
Higher Education Opportunity Act Provisions
Private Education Loan Applicant Self-Certification Form
Federal Reserve Proposal to Amend "Truth in Lending" Requirements for Private Student Loans
U.S. Department of Education HEOA Section-by-Section Summary
U.S. Department of Education HEOA Page
NACAC letters to Congress/Administration
Coalition Letter Supporting Loan Certification Amendment
Coalition Letter Applauding Inclusion of CFPA Authority Over Private Student Loans
Coalition Letter Commenting on Self-Certification Form
Coalition Letter Urging CFPA Authority Over Private Loans
Testimony on Dischargeability of Private Student Loans
Coalition Letter on Affinity Card Transparency Amendment to HR 627
TALF consumer protection letter to Secretary of the U.S. Department of the Treasury Timothy Geithner
Research on Private Loans
Student Debt and the Class of 2008 Project on Student Debt, December 2009
Too Small To Help: The Plight of Financially Distressed Private Student Loan Borrowers Student Loan Borrower Assistance Project
Paying the Price: The High Cost of Private Loans and the Dangers for Student Loan Borrowers Student Loan Borrower Assistance, March 2008
Student Loans for Higher Education California Research Bureau, February 2008
Finding A Way Out: Improving the Assistance Network for Financially Distressed Student Loan Borrowers Student Loan Borrower Assistance, December 2007
Who Borrows Private Loans American Council on Education, August 2007
Helping Families Finance College: Improved Consumer Disclosures and Counseling Consumers Union, July 2007
The Future of Private Loans: Who is Borrowing, and Why? Institute for Higher Education Policy, December 2006
No Way Out: Student Loans, Financial Distress, and the Need for Policy Reform National Consumer Law Center, June 2006
Links to other resources
Measure Targets Bad College Loan Practices - Morning Call
Real Loan Forgiveness - Legislation to Treat Forgiven Loans as Untaxable Income
Income-Based Repayment and Student Loan Forgiveness
House Financial Services Committee: Consumer Financial Protection Agency draft bill
Credit CARD Act of 2009 (HR 627) Bill Text
NACAC Admitted blog post: Congress Passes Credit Card Holders Bill of Rights
Philadelphia Inquirer Op-Ed: Stiffer rules on student credit
Dallas Morning News article: Act keeps credit card firms off campus, away from 21-year-olds
NACAC Admitted blog post: Congress Passes Credit Card Holders Bill of Rights
U.S. Department of Treasury: TARP Resource Page
NACAC “Basics of Borrowing” Webinar
Knowledge Center
Project on Student Debt Action Alert
Compose your own message on the NACAC Legislative Action Center
Link to affiliated organizations
Consumers’ Union
Project on Student Debt
If you would like to provide feedback to NACAC about the policy issue, please send comments or questions to legislative@nacacnet.org