Statement from SBPC Executive Director Seth Frotman on the House Financial Services Committee Passage of Sweeping Student Loan Protections

DECEMBER 11, 2019 | WASHINGTON, DC—The House Financial Services Committee today passed a set of bills, including H.R. 4545, H.R. 5287, H.R. 5294, to create protections for student loan borrowers.

Statement by Student Borrower Protection Center Executive Director Seth Frotman:

“The student debt crisis is a consumer protection crisis. All across the market, companies premise their business models on abusing student loan borrowers, preying on the most vulnerable among us. Yet the 45 million borrowers struggling under the weight of unprecedented student debt are guaranteed fewer rights and protections than consumers with mortgages, credit cards, and other credit products.

This package of bills will create the protections and increased accountability that the millions of Americans who receive a student loan bill each month deserve—implementing rules of the road for student loan servicers, helping to eliminate abusive debt collection practices, and extending debt relief to private loans for borrowers who become severely disabled. 

This student debt crisis reaches all corners of the country and borrowers from all walks of life, including older Americans, veterans, teachers, people with disabilities, and more. If you are taking on debt to chase the American Dream, you should not be ripped off in the process. This legislation is a critical step to fixing a broken student loan system.” 

Resources

Testimony by SBPC Executive Director Seth Frotman at the Committee’s hearing on student debt crisis (Sept. 2019)