In Massachusetts, where graduates of both public and private colleges carry more than $30,000 in average debt, a bill sponsored by state Sen. Eric Lesser aims to combat one aspect of this growing problem — the questionable conduct of student-loan servicers.
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Under a proposal woven into the governor’s budget proposal, the state’s Department of Financial Services would be empowered to license some student-loan servicers—and revoke licenses for illegal behavior.
The attorney general’s office says that at least 58 percent of students in Oregon graduate with debt. Outstanding student loan debt in the state has surpassed $18 billion, with borrowers taking out an average of $27,000 in loans.
The New Mexico House Commerce and Economic Development Committee passed a bill to enact a “Student Loan Bill of Rights” to protect student loan borrowers from exploitation.
This past week, thousands of New Jersey parents proudly accompanied their children off to college. Sadly, Seth Frotman will not be along for the ride home after they graduate.
The number of people ages 60 and above with college debt in New York has risen 44 percent between 2012 and 2017.
More than 700,000 Coloradans, from all corners of the state, are paying off student loans. And more than 20,000 rural student loan borrowers are severely delinquent, study finds.
“Winter is coming for debt relief scams that prey on hardworking Americans struggling to pay back their student loans,” Maureen K. Ohlhausen, the agency’s acting chair, said in a statement.
Today the State Assembly held a hearing to see if legislative action is needed to tackle the rising debt problem.
By the time you finish reading these next three paragraphs, another young person will have slipped into default — an event that destroys credit, may delay marriage and children, home and car purchases, and even change the course of one’s life.