Wall Street Reform in the Senate Takes Steps to Rein in Private Student Lending

WASHINGTON—(ENEWSPF)–May 25 – Statement from Chris Lindstrom, U.S. PIRG Higher Education Program Director.

“On Friday, May 20, the Senate passed S. 3217, the Restoring American Financial Stability Act.  The bill creates a Consumer Financial Protection Bureau (CFPB) to protect consumers of financial products, including private student loans.

“As states cut college budgets and college costs rise, students are relying on private loans to help defray costs.  Private student loansare aggressively marketed, and carry risky…