In the face of safeguard rollbacks at the federal level, states must step up to protect their student loan borrowers from servicers that act more like debt collectors than loan counselors. Fortunately, there is something state legislators can do: create a Borrower’s Bill of Rights.
Generation Progress and the Higher Ed, Not Debt campaign are teaming up to get the word out. The overall student debt crisis is now over $1.5 trillion. That number is shocking, but it’s not just the overall balance that’s the problem for many student loan borrowers.
Far too often, student loans are made more complicated and painful by the companies that manage the repayment process—servicers like Navient and NelNet. Now there’s a chance to regulate those servicers with some pretty straightforward legislation that would help make sure they do their jobs properly.
Publicly demand your state legislators act in the interest of borrowers. It’s time for a Borrower’s Bill of Rights in your state!