Testimony-Joint Consumer Protection and Professional Licensure Committee

Testimony-Joint Consumer Protection and Professional Licensure Committee

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Testimony of Winfield Crigler, Executive Director SLSA
Before the Joint Consumer Protection and Professional Licensure Committee
July 18, 2017
Some very brief background on the student loan programs
SLSA opposes S129 and H2173
Federal Loans are already extensively regulated.
Most federal loan borrowers are successfully repaying their student loans.
The current Department of Education compensation structure encourages servicers to do the right thing.
Private loans have very low delinquency and default rates.
Small servicers will be harmed.
Could the federal student loan program be improved? Yes…

Crain’s Business Journal Op Ed

Crain’s Business Journal Op Ed

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With $1.4 trillion in outstanding student loan debt in the United States, Illinois state lawmakers are rightly exploring effective ways to improve the higher education financing system. Unfortunately for Illinois borrowers, the Student Loan Servicing Rights Act (SB 1351), currently on its way to the Governor’s desk, is misguided.

Testimony – Senate Information Hearing on Servicing

Testimony – Senate Information Hearing on Servicing

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Testimony of Winfield Crigler, Executive Director SLSA
Senate Information Hearing on “The Changing Face of Student Loan Servicing in California”
There is approximately $1.4 trillion in outstanding student loans ($1.3 trillion federal loans). More than $1 trillion (and the fastest growing piece) is made up of loans that are made and/or held by the U.S. Department of Education. I will therefore focus on federal loans in my testimony today.