More than 50 percent of Oregon college grads are in debt, and Oregon is ranked 22nd in the country for its amount of average student loan debt per borrower.
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State Attorney General Xavier Becerra accused one of the nation’s largest student loan servicers of cheating perhaps thousands of California borrowers, and on Friday sued the company and its subsidiaries.
The amount of money owed on student loans recently reached $1.5 trillion in the United States, with more than 44 million borrowers still paying off – with interest – the escalating costs of a college education.
Student loans can be hard to navigate, but Friday Governor Northam signed House Bill 1138 into law which will make it easier for students to understand the repayment process.
These are just a taste of the complaints submitted by New Jersey student loan borrowers to the federal government and made public by the federal Consumer Financial Protection Bureau.
Rhode Island treasurer Seth Magaziner is leading a group of investors in demanding answers from Navient, the country’s largest student loan servicer, regarding its role in the national student debt crisis.
Most students who graduated from Virginia’s public colleges and universities last year left not only with a degree, but also with a financial burden: an average student loan debt of about $30,000.
A bill before the governor would identify predatory practices that add to school debt and hamper the economy.
Massachusetts, Maine, and others want to police companies that collect loan payments. The Department of Education says they can’t.
The Massachusetts state senate passed a bill that would create an ombudsman to monitor student loan companies and handle borrower complaints. The bill would also require student loan servicers operating in the state to obtain a license.