project on student lending transparency

Data that could help solve a lot of the problems in student loans today is stored away by the Department of Education and higher education institutions - data that can be used to assist borrowers from the time students are deciding which schools to attend to when they're deciding how much to borrow, how much to repay, and how to manage the debt.

The Project on Student Lending Transparency is an effort to unlock that data to assist borrowers. User privacy is often used as an excuse to lock up and hideaway the data. But user privacy is the standard, and we should find ways to assist borrowers without jeopardizing their privacy.

Borrowers can join the Project by sharing just eight data points that include income, credit score, and loan terms. Analyzing the data, we can identify struggling borrowers, and refer them to repayment methods and borrower benefits that could prevent a loan default. Seems obvious, but there are currently eight repayment methods, and many borrowers default on their loans not knowing about income-based repayment options. There are a lot of pitfalls that ensnare borrowers. This is a simple way to prevent common mistakes that can have lasting impact.

The goal is to ensure every borrower has the most affordable loans and the right tools to make good decisions. The student loan industry has very little oversight with most organizations eyeing profits over borrower interests. Without a watchdog that looks after borrowers, this platform can provide the foundation to assist borrowers today. Project on Student Lending Transparency is an ongoing effort to advocate for borrower interests, and every borrower joining the Project helps us inch closer to our goal.