The Biden Administration announced a focused effort to eliminate various 'junk fees' associated with higher education, aiming to make college more affordable for students and their families. These measures include ending student loan origination fees, college banking junk fees, automatic textbook charges, and ensuring the refund of unused meal plan dollars. The initiative is part of a broader push, including the Consumer Financial Protection Bureau's (CFPB) renewed focus on closing costs, to increase transparency and reduce unforeseen costs for students and families, which often inflate the overall expense of obtaining a degree. The White House, through statements from President Biden and supported by the CFPB, emphasized the need for clear and upfront communication about costs to help students avoid unnecessary expenses.
Every year, countless students pay hidden costs on their path to get their degrees. From expensive textbooks to loan fees, students aren't always provided clear and upfront opportunities to avoid services they don't want. It's wrong, and my Administration is working to fix it.
CFPB Renews Push on “Junk Fees” with Closing Costs in its Sights https://t.co/PzUiFv3VrE #CFPB #realestate #junkfees @SheppardMullin https://t.co/vhrYwTnzr1
The cost of college should be transparent for student borrowers. Yet, hidden junk fees frequently increase costs for unknowing students and families. Biden’s announcement to eliminate those unseen costs for students is good for borrowers and universities. https://t.co/0fBqZPE6ec
White House targets 'junk fees' on student loans and other higher education costs https://t.co/tlit9xri2M
Today, @POTUS announced actions to crack down on junk fees in higher education, making college more affordable for students and families. 💵End student loan origination fees 🏦End college banking junk fees 📖End automatic textbook charges 🍽️Refund unused meal plan dollars
❖ BIDEN ADMINISTRATION TO TARGET JUNK FEES IN HIGHER EDUCATION