In a grim picture of student-loan debt across the Bay Area, a study released Monday shows that the amount owed has tripled in the past 15 years while the default rate has doubled, hitting low-income communities hardest.
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Colorado can and must change the status quo. The Regulate Student Loan Servicers Act (SB19-002) would do just that.
As the federal government withdraws from its role as a student loan watchdog, advocates and state-level politicians are trying to pick up the slack and rein in predatory practices by loan servicing companies.
Rhode Island’s treasurer and attorney general want a “student loan bill of rights” to protect borrowers from deceptive lending practices.
A bill has been introduced in the Legislature that would establish a system for the state to oversee student loan servicers who do business in Maine.
Mainers have more than $6 billion in student debt, exacerbated by predatory practices of the student loan industry.
The average student debt in Maine is more than $30,000.
Lawmakers in Augusta are discussing a bill to create a “Student Loan Bill of Rights.”
The difficulty of finding adequately paying jobs as well as the explosive cost of obtaining a college education have created a whole class of people who work hard but spend a large proportion of their lives repaying old college debts.
If the federal government is going to fall down in its response and ignore reality, then the state of Maryland must rise up to protect borrowers — a generation depends on it.