We are Spousal Consolidation . Do Us Part!
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We are a grassroots organization that centers the needs and voices of spousal consolidation borrowers, and partners with allies, to impact statute and policy towards these unlawful loans.
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Fighting to Restore Parity to Spousal Consolidation Borrowers.
You’re here, which means you either have a Joint Spousal Consolidation loan (JSCL), know someone suffering under this loan program, or want to support/advocate to fix this detrimental program. These loans remain a risk to the federal government, borrowers, and investors as long as they continue to be serviced. While they’ve been intermixed with other consolidation loan types to mask this risk, these loans continue to create undue hardship for thousands of Americans.
The policy vacuum that has robbed a generation of borrowers from their ability to effectively repay their loans while working toward an unrealized American Dream has ben fixed with Public Law 117-200, the Joint Consolidation Loan Separation Act. Even as this law is in place, the mechanisms to execute it are outstanding as the Department of Education stalls efforts to enact policy and procedure. So, the story remains the same. Many borrowers are in their prime career years, yet they struggle to buy homes, start families, build a future, and save for retirement.
Our group, created in 2021, has put names with faces. Real people working hard to realize the dream they were promised. We are fighting for fairness. We are fighting for freedom from a loan program Congress deemed too risky in 2006 but left no recourse for many Americans advised by loan servicers to take. We are fighting for action on the current law.
The policy vacuum that has robbed a generation of borrowers from their ability to effectively repay their loans while working toward an unrealized American Dream has ben fixed with Public Law 117-200, the Joint Consolidation Loan Separation Act. Even as this law is in place, the mechanisms to execute it are outstanding as the Department of Education stalls efforts to enact policy and procedure. So, the story remains the same. Many borrowers are in their prime career years, yet they struggle to buy homes, start families, build a future, and save for retirement.
Our group, created in 2021, has put names with faces. Real people working hard to realize the dream they were promised. We are fighting for fairness. We are fighting for freedom from a loan program Congress deemed too risky in 2006 but left no recourse for many Americans advised by loan servicers to take. We are fighting for action on the current law.
Separation is Law.
The Joint Consolidation Loan Separation Act was passed into law by presidential signing on October 12, 2022. It is now Public Law 117-200.
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Click the Image to Read the Story.
SpousalConsolidation.DoUsPart! supported efforts with a Senate Blitz to put faces, voices and stories to the legislation.
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Bill Sponsors
A very special thanks to our bill sponsors, who both applaud the passage of the Joint Consolidation Loan Separation Act.
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Senator Mark Warner
Virginia |
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Representative David Price
North Carolina District 4 |
Our Testimonies.These loans hold financial liberties captive and prevent any real forms of reprieve for any spousal consolidation borrower, thereby minimizing access to the ‘American Dream’ and forcing debtors into legal, financial and physical peril and compromise.
CLICK A SCROLLING IMAGE TO READ THE FULL STORY.
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The joint spousal consolidation loan is this really uniquely terrible product... This was a very unique product that was created, and the fact that you can’t separate them—I’m not aware of any other product that is designed in this way... They stopped making these loans back in 2006, so these are really old loans at this point... Spouses became jointly liable, and they basically have no way out, even in the case where the couple gets divorced.
~ Persis Yu (Policy Director, Student Borrower Protection Center)
The Case for Spousal Consolidation Loan Separation.Before passing the Joint Consolidation Loan Separation Act by unanimous consent in the Senate, on June 15, 2022, Mark Warner presented the case for spousal consolidation borrowers and the Joint Consolidation Loan Separation Act in the Senate Banking Committee hearing on May 5, 2022. This discussion also featured testimony by Mike Pierce, Executive Director for the Student Borrower Protection Center.
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Our Stories in The News.2022For the first time in over 15 years, we have joined in union to take back our story. Our members and spousal consolidation borrowers from across the country have sought media to share their stories. Read these articles to better understand student loan borrowers who have been abandoned, undocumented, deplete of financial options and forced to languish in a literal policy vacuum since the 109th Congress abandoned our loan program in June 2006. They did this to avert risk to the Department of Education, loan servicers and investors while leaving borrowers with these loans at high risk to Default and Bankruptcy.
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SpousalConsolidation.DoUsPart!
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