July 20, 2012
  
Contacts:
AJ Casale, 202-674-6480

APSCU Responds To CFPB Report

Student Loan Debt Needs To Be Addressed Across All Sectors Of Higher Education

Washington, D.C. – Former Congressman Steve Gunderson, the president and chief executive officer of the Association of Private Sector Colleges and Universities (APSCU), today issued the following statement in response to a newly-released report by the Consumer Financial Protection Bureau (CFPB) on private student lending:
 
“Student loan debt is a critical issue that needs to be addressed across all sectors of higher education.  It is critically important that all postsecondary students have every opportunity to obtain their education goals, as they are the future employees for our nation’s businesses that are seeking well-trained and job-ready workers.  Ninety-four percent of our students are eligible for Title IV funding, compared to 70 percent of students attending private non-profit colleges and 49 percent of students attending public colleges.  These numbers simply confirm the fact that private sector colleges and universities provide educational opportunities to non-traditional students, such as veterans and parents, who often have limited financial resources. 
 
“Many times Title IV funds do not provide enough support for our students.  Institutional loan programs help fill the gap and enable students to complete their education.  These loans provide students access to higher education opportunities that they would otherwise not be able to pursue.  Private sector colleges and universities open new doors to students in the hopes that access to higher education will help them improve their socioeconomic status, while expanding access to the American Dream.  APSCU and its member schools are proud of the high-quality and career-oriented education they provide to millions of students across the country.
 
“We will review the full report from the CFPB and continue to work with our member schools on financial literacy programs for students to better educate them on debt issues.  At a time when our nation is facing a need of eight to 23 million workers with some kind postsecondary education over the next decade, we look forward to working with the CFPB, the Administration, and Congress to find the best approaches to ensure all citizens have access to higher education, and are able to succeed in the 21st Century workforce.”