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Protect Borrowers

@protectborrowers.bsky.social
1.5K followers 621 following 374 posts

Protect Borrowers (fka—SBPC). We protect people from predatory lenders & fight for an economy where debt doesn’t limit opportunity. 🗞️press@protectborrowers.org

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Protect Borrowers @protectborrowers.bsky.social · 08/10/2026
➩ indebt.substack.com/p/law-enforc...
Lorelei Salas speaks at the “Power to the People” rally on the steps of New York City Hall on Thursday, October 8th, flanked by Councilmember Harvey Epstein and DCWP Commissioner Sam Levine. Photo Credit: Julie Morgan.
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Protect Borrowers @protectborrowers.bsky.social · 08/10/2026
⭐️New from our legal dir. Winston Berkman-Breen & ED Mike Pierce: @mayor.nyc.gov & CM Epstein understand the power of corporate influence & the corrosive effect it has on our democracy. The POWER Act shares a unifying principle w/ much of NYC's work to hold corporations accountable.
Law Enforcement, Democracy, and America’s Mayor - Why the POWER Act Can Deliver in Ways That Government Alone Never Will By Winston Berkman-Breen and Mike Pierce. Today’s Substack by Winston and Mike offers their take on the introduction of the POWER Act in New York City. https://indebt.substack.com/p/law-enforcement-democracy-and-americas
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Protect Borrowers @protectborrowers.bsky.social · 08/10/2026
Great reporting via @usnews
money.usnews.com
Your Student Loan Tax Bomb Could Be $12,000, Report Finds
The report's author predicts "financial disaster" for the millions of borrowers who will be affected in the coming decade.
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Protect Borrowers @protectborrowers.bsky.social · 08/10/2026
A wave of student loan borrowers are about to encounter the financial equivalent of a warm bath followed by a cold plunge. "[This] basically forces people to trade student loan debt for debt to the IRS & really cuts against everything IDR is supposed to be about,"- Jennifer Zhang/Protect Borrowers.
Screenshot of referenced article from U.S> News & World Report by Greg Garrison, "In the coming years, a wave of student loan borrowers are about to encounter the financial equivalent of a warm bath followed by a cold plunge."Screenshot of referenced article from U.S News & World Report by Greg Garrison, "In the coming years, a wave of student loan borrowers are about to encounter the financial equivalent of a warm bath followed by a cold plunge."
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Check it out here:
senatebankingdemocrats.substack.com
NEW: Warren Launches New Trumpflation Tracker
New dashboard will be updated monthly for Americans to see how much more they are paying in Trump’s economy
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
BOOKMARK THIS!!! @warren.senate.gov launched a "Trumpflation Tracker" today - a tool to monitor the affordability crisis Americans are experiencing in Trump's economy. It tracks inflation, wage growth, job growth, debt, & how much Trump’s failed promise to cap credit card rates is costing families.
Image of Sen. Warren's Trumpflation Tracker tool indicating 5.2% cumulative inflation since Dec. 2024 = $3,388 more for the avg household, real wage growth since start of Iran War is -.07%, Household debt is +$56B from Q1'25-Q2 '26, 30 year mortgage rate up from 5.99% before war to 7.6% or $4,330+ per household, lack of credit card interest rate is $94.9B cost to Americans, 52 cents of each extra dollar of income is going to debt, electricity is +12.7% per household, rent is +5.1%, gas is +43.7%
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Reposted by Protect Borrowers
Families Over Billionaires @fobaction.bsky.social · 07/10/2026
HEADS UP: Over the next decade, 2 to 3 million Americans who earn student debt cancellation after making payments for 20+ years could be hit with a massive "tax bomb" because of Trump's Big Ugly Bill. #TaxJustice
fobaction.substack.com
Trump’s One Big Beautiful Bill Left A “Tax Bomb” for Families Who Earn Student Debt Relief. Congress Can Still Fix This.
Over the next decade, 2 to 3 million Americans who earn student debt cancellation after making payments for 20+ years could be hit with a massive tax bill.
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Want to see how much borrowers in YOUR state could pay? See our Substack with @fobaction.bsky.social breaking down top findings from the report: indebt.substack.com/p/trumps-one...
Substack with Families Over Billionaires image reading Trump’s One Big Beautiful Bill Left A “Tax Bomb” for Families Who Earn Student Debt Relief. Congress Can Still Fix This.//
Over the Next Decade, 2 to 3 Million Americans Who Earn Student Debt Cancellation After Making Payments for 20+ Years Could Be Hit With a Massive Tax Bill by Jennifer Zhang & Gracie Bouwer  Families Over Billionaires and Protect Borrowers https://indebt.substack.com/p/trumps-one-big-beautiful-bill-left?r=4rylvn&utm_campaign=post&utm_medium=web
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Want to see how much borrowers in YOUR state could pay? See @jennzhang_’s recent piece on IN DEBT where she breaks down top findings from the report:
protectborrowers.org
Trump’s One Big Beautiful Bill Left A “Tax Bomb” for Families Who Earn Student Debt Relief. Congress Can Still Fix This. - Protect Borrowers
Over the next decade, 2 to 3 million Americans who earn student debt cancellation after making payments for 20+ years could be hit with a massive tax bill.
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Many borrowers worry they’ll never pay off their loans. Now, they worry about a tax bomb if they do reach relief. One borrower facing a $112K tax bill this year told us, “I’m close to taking Social Security. I will never be able to pay off this tax bill in my lifetime.”
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Lower-income Americans would also see the largest increases. Single borrowers w/o children could see ~1 out of every 4 dollars of their salary go toward taxes. After Social Security, Medicare & state taxes, their take-home income could be cut nearly in half.
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Borrowers in the South would see the largest tax increases. Married borrowers w/ two children in Louisiana, Mississippi, Arkansas, West Virginia, Oklahoma, and other southern states could see their tax bill increase by $5,000-$12,000.
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Trump’s OBBBA gave tax breaks to billionaires and mega corporations … and a “tax BOMB” for many working families with student loans. Some borrowers could see their tax bills DOUBLE OR EVEN TRIPLE. Most of them earn less than $60k /year and have almost no savings.
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
Full report: protectborrowers.org/resource/fleec… Press release:
protectborrowers.org
New Report Reveals Massive Student Loan Cancellation “Tax Bomb” Could Hit 3 Million Americans Over Next Decade, Doubling or Even Tripling Families’ Tax Bills in  Next Tax Year Alone - Protect Borrowers
Analysis shows borrowers in the south will see the largest tax increases.
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Protect Borrowers @protectborrowers.bsky.social · 07/10/2026
NEW MAJOR REPORT OUT by @jennzhang_: student loan borrowers who earn IDR cancellation could be hit with a $𝟏𝟐,𝟎𝟎𝟎 tax bomb. This could affect 2-3 million borrowers over the next 10 years. Congress must act. 🚨💰🆘
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Protect Borrowers @protectborrowers.bsky.social · 06/10/2026
Read more: www.nyc.gov/mayors-offic...
nyc.gov
Mayor Mamdani to Introduce POWER Act Allowing New Yorkers to Sue Predatory Corporations for Unfair Business Practices
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Protect Borrowers @protectborrowers.bsky.social · 06/10/2026
New Yorkers can't sue a company over abusive practices. @mayor.nyc.gov & @hellodcwp.bsky.social's POWER Act would change that. Our legal dir. Winston Berkman-Breen in the announcement: "The POWER Act offers relief & fills this accountability gap by mirroring protections at the local level."
Screenshot of NYC Mayor press release announcing plan to introduce the POWER Act from Oct. 6, 2026 highlighting quotes from Lorelei Salas, Senior Fellow Century Foundation and Protect Borrowers and former DCWP commissioner and Protect Borrowers legal director Winston Berkman-Breen https://www.nyc.gov/mayors-office/news/2026/10/mayor-mamdani-to-introduce-power-act-allowing-new-yorkers-to-sue
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Protect Borrowers @protectborrowers.bsky.social · 05/10/2026
indebt.substack.com
Families are Drowning in Medical Debt
As midterm elections put medical debt relief on the ballot, state lawmakers aren’t waiting for Washington to act
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Protect Borrowers @protectborrowers.bsky.social · 05/10/2026
Private hospitals can sue, garnish, & seize assets over medical debt. 81% of voters want to ban medical debt credit reporting. 90% want limits on debt collectors seizing homes & cars. Thankfully, states are stepping up to protect families & shut down abusive collection tools.
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Protect Borrowers @protectborrowers.bsky.social · 03/10/2026
Trump's One Big Beautiful Bill is spiking monthly student loan payments for parents across the country, causing major financial distress for their families. Read some of their stories:
"Trump's OBBB Budget Bill is slamming families with One Big Bill: onebigbill.org. Higher student loan payments are pushing families across the country into financial distress. Read their stories."Story submitted by a parent from Minnesota: "As I'm rebuilding a future for my daughter and myself, I am greatly distressed, disappointed and saddened by the increase in monthly [student loan] payment... I really hope the decision makers will do something about this, there are millions of people who are already struggling with the rise on cost of living, we simply cannot afford the new amount."Story submitted by a parent from Massachusetts: "This is hard I cosigned my daughter’s student loans... I am 70 and still working as a paraprofessional in a public school. I have no idea what to do. I should have been able to retire but I do not see that happening..."Story submitted by a parent from Michigan: "[My higher student loan bill] means I have less money to provide my daughter with extra supports for her new diagnosis... I have to put my dental appointments off in order to ensure that hers are done. I haven’t visited a podiatrist for the cracked and bleeding callus on my foot because I can’t afford the out of pocket specialist visit costs..."
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Protect Borrowers @protectborrowers.bsky.social · 01/10/2026
protectborrowers.org
Campaign for California Borrower Rights Applauds Little Hoover Commission Recommendations to Combat Institutional Debt Crisis, Echoes Calls From Advocates to Increase Transparency, Consumer Protections and Rein In Harmful Debt Collection Practices Across California Colleges - Protect Borrowers
Initial recommendations include calls for California colleges to end use of enrollment holds that keep students from completing their college education, halt use of state tax refund offset and increase transparency.
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Protect Borrowers @protectborrowers.bsky.social · 01/10/2026
California's Little Hoover Commission is tackling $390M+ in institutional debt students owe to CA public colleges. The commission’s proposed solutions come after a hearing requested by @blancapacheco.bsky.social & the Campaign for California Borrowers' Rights.
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Protect Borrowers @protectborrowers.bsky.social · 30/09/2026
Full article:
wsj.com
Exclusive | Americans Want Populist Policies That Defy Traditional Political Labels
A new Wall Street Journal survey finds broad support for caps on prescription drug prices and strong border security.
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Protect Borrowers @protectborrowers.bsky.social · 30/09/2026
Earlier this year, a huge coalition called on Congress to... you guessed it... advance legislation to cap credit card interest rates at 10%!
protectborrowers.org
As Millions of Working Families Drown in $1.2 Trillion in Credit Card Debt, Historic Coalition of Civil Rights, Labor Unions, Veterans, Consumer Protection, and Borrower Advocates Come Together to Call On Congress to Advance Legislation Capping Credit Card Interest Rates at 10% - Protect Borrowers
An historic and diverse coalition of civil rights, labor unions, veterans, consumer protection, and borrower advocates sent an urgent letter to leaders on U.S. Senate and U.S. House committees calling on them to advance the 10 Percent Credit Card Interest Rate Cap Act of 2025.
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Protect Borrowers @protectborrowers.bsky.social · 30/09/2026
"And nearly four in five voters support capping credit-card interest rates at 10%." New piece by Aaron Zitner in The Wall Street Journal finds broad support for capping the cost of credit-card interest rates, among other things.
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Protect Borrowers @protectborrowers.bsky.social · 24/09/2026
nytimes.com
‘Buy Now, Pay Later’: A New Wave of Consumer Debt
Americans are increasingly using the loan model for everyday essentials.
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Protect Borrowers @protectborrowers.bsky.social · 24/09/2026
“It’s different if people are so desperate that [Buy Now, Pay Later loans] are the only ways they can make ends meet… the fact that usage is rising so much is pretty much a sign that people are really struggling.” - @nytimes.com's Stacey Cowley
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Protect Borrowers @protectborrowers.bsky.social · 22/09/2026
subscriber.politicopro.com/newsletter/2... Press release: protectborrowers.org/nearly-90-gr...
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Protect Borrowers @protectborrowers.bsky.social · 22/09/2026
Big coalition is out today urging committee members to hold an emergency hearing on the current student loan system chaos - via @politico.com. We need oversight when Congress is back in November!
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Protect Borrowers @protectborrowers.bsky.social · 21/09/2026
propublica.org
The Trump Administration’s Plan for Protecting Consumers? Politely Ask Companies to Behave.
Rather than investigate a buzzy fintech startup for throwing users’ accounts into chaos, the Russell Vought-led Consumer Financial Protection Bureau trusted that the company was “back on track.” Customers soon learned the hard way that this wasn’t true.
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Protect Borrowers @protectborrowers.bsky.social · 21/09/2026
“What we saw Vought do with Bilt is innovative—and I don’t mean that as a compliment.” - Protect Borrower's Mike Pierce. The Trump CFPB’s treatment of Bilt shows a Reagan-esque mindset: a wholesale deregulatory approach meant to strip away regulations and oversight of all companies.
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Protect Borrowers @protectborrowers.bsky.social · 21/09/2026
protectborrowers.org
Protect Borrowers Expands Focus on State Law Enforcement, Announces Key Personnel From Federal and State Enforcement Agencies - Protect Borrowers
New policy memo from former CFPB Supervision Chief outlines path to modernize state oversight of regulated financial firms.
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Protect Borrowers @protectborrowers.bsky.social · 21/09/2026
To expand our state enforcement & oversight work, we recently welcomed an incredible group of @newyorkstateag, CFPB, & @DCAttorneyGen alums to the Protect Borrowers team: • Laura C. Dismore • Lorelei Salas • Adam Teitelbaum • Austin Hinkle More here:
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Protect Borrowers @protectborrowers.bsky.social · 18/09/2026
protectborrowers.org
One Big Bill - Protect Borrowers
Beginning in July 2026, millions of Americans with student debt will see their monthly student loan bills spike as a result of President Trump’s “One Big
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Protect Borrowers @protectborrowers.bsky.social · 18/09/2026
Anabel, a borrower & @aft.org member, spent 5+ years in limbo on her student loans. Then boom: she got #onebigbill of $630/month thanks to OBBBA. Now she has had to call off having a second child and stop saving for retirement entirely.
From Anabel's submission: "In May of 2026, after over five years of having my student loans in "limbo" following COVID-19 forbearance and an application to the SAVE program, I saw a billing statement on my student loans with very little warning.... we have tried hard to live within our means, but adding my $630 bill to a mortgage, childcare payment, and a rising cost of groceries and gas destabilized us... The added expense has essentially made our decision final to not have a second child..."
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Protect Borrowers @protectborrowers.bsky.social · 17/09/2026
Diane, an @aft.org borrower, makes $75K and still can't afford groceries. Her student loan servicer has repeatedly failed to process her paperwork on time and recently tried to take $2,000 from her account while she was supposed to be in forbearance.
From Diane's story submission: "... First my bill went from 50.00 a month on the SAVE plan to 249.00 on the Trump plan, then when i had to get a second job to pay the higher student loan payment, the next year because I made more money, the bill rose to 500.00-- except-- [MOHELA] claimed they didn't get my IDR reauthorization when I sent it in in April... Today they tried to take out 2,361.82 out of my bank account when I'm supposed to be in forbearance because my IDR application is processing."
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Protect Borrowers @protectborrowers.bsky.social · 16/09/2026
nytimes.com
‘Buy Now, Pay Later’: A New Wave of Consumer Debt
Americans are increasingly using the loan model for everyday essentials.
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Protect Borrowers @protectborrowers.bsky.social · 16/09/2026
ICYMI: Must-listen episode of @nytimes.com The Daily podcast ft Stacy Cowley on the financial trap caused by Buy Now, Pay Later loans.
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Protect Borrowers @protectborrowers.bsky.social · 15/09/2026
Twelve years of public service, and this is what she's left with. Does this sound like your story too?
protectborrowers.org
One Big Bill - Protect Borrowers
Beginning in July 2026, millions of Americans with student debt will see their monthly student loan bills spike as a result of President Trump’s “One Big
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Protect Borrowers @protectborrowers.bsky.social · 15/09/2026
Alyssa, a @debtcrisisorg.bsky.social borrower from Oregon, was on track for loan relief in 2024 until court chaos delays. Now her balance is high because loans that should've been relieved years ago never were. She says the PSLF mess makes 12 years in public service "feel like it wasn't worth it."
From Alyssa's submitted story: "I appreciated being on the SAVE plan. I was on track to have my loans forgiven in 2024 but because of all the mess in the courts they were not discharged yet. My balance is high because half of them should have been forgiven and discharged almost 3 years ago... I worked very hard in public service for 12 years And, the pslf system has been in such a mess that I feel like it wasn't worth it."
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Protect Borrowers @protectborrowers.bsky.social · 14/09/2026
Read @andykroll.bsky.social's @propublica.org article below:
propublica.org
The Trump Administration’s Plan for Protecting Consumers? Politely Ask Companies to Behave.
Rather than investigate a buzzy fintech startup for throwing users’ accounts into chaos, the Russell Vought-led Consumer Financial Protection Bureau trusted that the company was “back on track.” Customers soon learned the hard way that this wasn’t true.
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Protect Borrowers @protectborrowers.bsky.social · 14/09/2026
Bilt's credit card rollout broke for the second time this year. The Trump CFPB's response: politely asking if they'd fixed it.
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Protect Borrowers @protectborrowers.bsky.social · 11/09/2026
protectborrowers.org
One Big Bill - Protect Borrowers
Beginning in July 2026, millions of Americans with student debt will see their monthly student loan bills spike as a result of President Trump’s “One Big
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Protect Borrowers @protectborrowers.bsky.social · 11/09/2026
Dr. Lyn is 71 & juggles being a: • full-time teacher • part-time Walmart employee • primary caregiver for her adult son who can’t work or drive to doctor appointments And now, her monthly student loan bill is $1,500. Borrowers deserve better. Share your #OneBigBill story:
From Dr. Lyn's One Big Bill story submission: "I already work two jobs. I am 71 years old. I am a full time high school teacher, and I work a part time job at Walmart. I take care of my adult son who is 41 and lives with me full time. He has not been able to get disability, yet although we have an attorney. I am the primary care giver and he is not able to work. He does not drive and does not have a car. I take him to all his doctor appointments and take care of his medications for him..."
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Protect Borrowers @protectborrowers.bsky.social · 10/09/2026
indebt.substack.com
U.S. Senator Roger Marshall sued hundreds, jailed dozens of women over medical debt
Revisiting “The Politics of Debt” one year later
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Protect Borrowers @protectborrowers.bsky.social · 10/09/2026
This week @nytimes.com exposed a sitting U.S. Senator in a tight reelection for suing 700+ of his own patients over medical debt, leading to 81 arrests. New on IN DEBT: our Executive Director Mike Pierce digs in on what this means for the politics of debt a year after our Protect Borrowers launch.
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Protect Borrowers @protectborrowers.bsky.social · 08/09/2026
🚨ATTENTION: Are you an Uber, Lyft, Instacart, GrubHub, or other app-based platform worker? Have you seen ads for gig worker cash advances with sky-high interest rates and aggressive collections?  We want to hear from you! Take this 3-minute survey:
protectborrowers.org
Gig Worker Cash Advances Survey
Thank you for participating in our survey! This survey is being conducted by Protect Borrowers, a nonprofit organization fighting to build an economy where debt doesn’t limit opportunity. It should take 5 minutes or less to complete. Your responses will not be shared or made public, and are only b...
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Protect Borrowers @protectborrowers.bsky.social · 07/09/2026
Working families are stretched thin this Labor Day. Predatory lenders and employers are profiting off the affordability crisis, pushing families struggling to afford everyday expenses deeper into debt. We deserve an economy where debt doesn’t limit opportunity.
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Protect Borrowers @protectborrowers.bsky.social · 06/09/2026
protectborrowers.org
One Big Bill - Protect Borrowers
Beginning in July 2026, millions of Americans with student debt will see their monthly student loan bills spike as a result of President Trump’s “One Big
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Protect Borrowers @protectborrowers.bsky.social · 06/09/2026
Gidget went to college, started working, built a career, and cares for her aging mom. Her student loan bill spiked to ~$1,000/month. Now, she & her husband can't save for the baby they wanted to have.  Share your #OneBigBill story:
Part of Gidget's submitted story: "I’m in the sandwich generation, and a newlywed. I did everything I was “supposed” to: I stayed out of trouble, went to school, worked throughout college and law school, got “the job”, am taking care of my aging mother, and am living “below my means”. My husband and I were hoping to start trying to have children this year. Now because of this almost $1k payment every month, we can’t start saving for a baby..."
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