Social Security

Rhode Island’s new Student Loan Borrower Bill of rights aims to address servicing companies’ predatory practices by requiring loan servicers to register with the state and setting standards for their conduct.

State professional association says indebted clients are putting off saving for retirement and buying a home.

Rhode Island now has a Student Loan Bill of Rights that sets standards for student loan servicing, prohibits predatory behavior and provides guidelines for protecting consumers’ rights.

The New Jersey legislature has passed a “student borrower bill of rights” that regulates companies that service student loans, part of a national trend as America deals with its $1.6 trillion student-debt crisis.

A bill that would create a “student loan bill of rights” to protect borrowers in Rhode Island is now heading to the governor’s desk.