Many of today’s college students face unnecessary financial risks by relying on unregulated private student loans to pay for college, with some students paying up to 18 percent interest.
Washington, D.C. – Today, President Obama is taking a bold step to protect student consumers from financial tricks and traps by announcing a recess appointment of his well-qualified nominee, Richard Cordray, to head the new Consumer Financial Protection Bureau. The CFPB can improve private student loans as well as credit cards and debit cards issued on campus.
2012 has already brought a tremendous victory for students and families.
Today the President appointed Richard Cordray as the director of the new Consumer Financial Protection Bureau (CFPB). The CFPB will rein in the bad business practices of banks, lenders, and credit card companies.
PIRG In The News
Rich Williams, the higher education advocate for the U.S. Public Interest Research Group, said in a statement that Congress is “blindsiding about 143,000 students next year.”
Rich Williams, higher education advocate for the U.S. Public Interest Research Group, or PIRG, told Diverse that the move by the White House “is a positive step, but more needs to be done on student debt.”
Student groups at UCSB including the Associated Students Coastal Fund, Environmental Affairs Board, Isla Vista Surfrider Foundation and CalPirg, have banded together with campus administration and the Plastic Pollution Coalition to make a profound impact on the campus community and the City of Santa Barbara.
“This should send a clear message to Congress that this is a common sense nonpartisan issue,” said Rich Williams, higher education advocate for U.S. PIRG.
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