Communities of Practice: Supporting Student Loan Borrowers

Date:

12/03/2024 to 12/04/2024

Location:

Washington, D.C.

Description:

SHEEO hosted a community of practice convening focused on increasing support for student loan borrowers in December 2024. While taking out loans can provide financial resources and support needed to earn postsecondary credentials, borrowing can also serve as a barrier to enrollment, completion, and long-term life success. Student borrowers must navigate a complex and rapidly changing repayment system and nearly half of federal loan borrowers are not currently making payments. As the repayment and credit-reporting benefits created during the COVID-19 pandemic wind down, many student borrowers may face long-term harm to their credit, financial well-being, and social mobility. This community of practice, supported by the Lumina Foundation, provided a forum to explore state-level practices and policies to support student loan borrowers.

The convening provided states with an opportunity to learn about the latest trends and research on student borrowing and repayment, identify common barriers and challenges for students repaying loans, and explore innovative state-level solutions to help students overcome these barriers and successfully navigate the repayment system. The convening explored a range of promising solutions, including the Community Service Society of New York’s (CSSNY) Education Debt Consumer Assistance Program (EDCAP) model of counseling and supporting borrowers in repaying student loan debt. With assistance from national experts, practitioners implementing successful programs, and peers from other agencies, state teams will develop goals and identify action steps to assist borrowers in their states.

Presentations from the event: