March 15, 2024<\/p>\n
Media contact: National Consumers League \u2013 Melody Merin, melodym@nclnet.org, 202-207-2831<\/p>\n
Washington, DC \u2013 Today, the Biden Administration announced new initiatives to reduce unnecessary fees consumers face when enrolled in higher education. The president\u2019s proposed budget and the Department of Education are seeking to eliminate student loan origination fees, which cost consumers over $1 billion each year just to take out a loan; limit exploitative junk fees associated with financial services that colleges may provide through banking partnerships; require colleges to return unused \u201cflex dollars\u201d to students before they expire at the end of a semester; and eliminate restrictions that would prevent students from purchasing textbooks off-campus, where they may be sold at a lower price than the university would charge.<\/p>\n
The following statement is attributable to National Consumers League Chief Executive Officer, Sally Greenberg:<\/p>\n
\u201cHigher education should be a marker of academic achievement, not something to be foreclosed because of a student\u2019s economic background. If finalized, these new initiatives would reduce financial barriers that prevent many students from obtaining an advanced degree and leave others with years of debt. I urge Congress to fulfill the president\u2019s proposed elimination of loan origination fees and look forward to the finalized rules from the Education Department.\u201d<\/p>\n
###<\/p>\n
About the National Consumers League (NCL)<\/p>\n
The National Consumers League, founded in 1899, is America\u2019s pioneer consumer organization.\u00a0 Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad.\u00a0 For more information, visit nclnet.org.<\/p>\n","protected":false},"excerpt":{"rendered":"
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