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SHEEO is pleased to announce an upcoming community of practice convening focused on increasing support for student loan borrowers. 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, provides a forum to explore state-level practices and policies to support student loan borrowers.
The Student Loan Borrowers Community of Practice will be held December 3-4, 2024, in Washington, D.C. The convening will provide 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 will explore 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.
During the convening, participants in the Community of Practice will:
- Learn about the current state of student loan borrowing and how postsecondary education debt affects former and current students.
- Reflect in-depth on the challenges student loan borrowers face navigating the complex loan repayment process.
- Explore effective practices in helping current and former students understand and make decisions related to borrowing and repaying student loans.
- Understand the relationship between financial literacy initiatives and borrower support.
- Foster connections between consumer protection and higher education entities.
- Develop action steps to educate and support student loan borrowers within individual state contexts.
- Identify the financial, technical, and personnel conditions necessary to implement initiatives that assist student loan borrowers in repaying or relieving themselves of debt.
- Develop strategies to cultivate relationships and communicate a shared vision for reducing student loan debt and defaults across various sectors, state agencies, educational partners, policymakers, legal aid organizations, nonprofit service providers, and other stakeholders.
The Call for State Teams letters of interest are due Sept. 6.