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"Student Loans Bill Of Rights Coming Soon To California"

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"Student Loans Bill Of Rights Coming Soon To California"

I could easily see this being adopted in more states. What are your thoughts on bills like this?

"...the California Assembly passed a first-in-the-nation “Student Borrower Bill of Rights,” which aims to protect borrowers with student loans. ...
'Multiple investigations have shown that loan servicers routinely lose paperwork, misapply payments, provide borrowers inaccurate information, and even steer them into more costly repayment options with virtually no accountability,' said Suzanne Martindale, senior policy counsel and western states legislative manager for Consumer Reports, which co-sponsored the legislation. 'At a time when the U.S. Department of Education has refused to set loan servicing standards to help borrowers, it’s critical for states like California to lead the way and address these longstanding abuses.' ..."
https://www.forbes.com/sites/zackfriedman/2019/05/31/student-loans-bill-of-rights/



3 REPLIES 3
Senior Contributor

Re: "Student Loans Bill Of Rights Coming Soon To California"


@Sabii wrote:
I could easily see this being adopted in more states. What are your thoughts on bills like this?

"...the California Assembly passed a first-in-the-nation “Student Borrower Bill of Rights,” which aims to protect borrowers with student loans. ...
'Multiple investigations have shown that loan servicers routinely lose paperwork, misapply payments, provide borrowers inaccurate information, and even steer them into more costly repayment options with virtually no accountability,' said Suzanne Martindale, senior policy counsel and western states legislative manager for Consumer Reports, which co-sponsored the legislation. 'At a time when the U.S. Department of Education has refused to set loan servicing standards to help borrowers, it’s critical for states like California to lead the way and address these longstanding abuses.' ..."
https://www.forbes.com/sites/zackfriedman/2019/05/31/student-loans-bill-of-rights/

Without running amok of the 5 things - I think what states are willing to adopt this are at the mercy of their general assembly/house/senate make-ups.

As somone who was a victim of incompetence (I'd prefer to think that instead of straigth up maliciousness), I'd like to see these enacted everywhere, at a minimum.

Nov 2019


Garden goal: keep on keepin' on
Usually a faithful practitioner of AZE5or6or7; working on AZE1or2 and grumbling about it.
Message 2 of 4
Valued Contributor

Re: "Student Loans Bill Of Rights Coming Soon To California"

I agree. I was thinking as soon as I saw this is CA does it, NY will do it (if it hasn't already), and the usual states probably will too. Meaning it will all boil down to politics. Without saying too much about certain things, this is mostly happening because of the lack of power the CFPB has imo. It does speak to a problem that has been around to almost a decade and the lack of accountability has been addressed very little.

It is difficult to fully accept that they're doing it out of maliciousness too. Whatever their reasons, they sure do end up profiting off of their actions.

At least there's people like you to give good advice. That info about how to get out of a second default is a lifesaver. i almost feel like all this information should be a new GE requirement in college, lol!
Btw, there's this new non-profit that just got funding for free loan education. Looks promising:
https://techcrunch.com/2019/05/30/pillar-launches-with-5-5m-from-kleiner-perkins-and-others-to-tackl...



Message 3 of 4
Community Leader
Super Contributor

Re: "Student Loans Bill Of Rights Coming Soon To California"

This is a good start, and hopefully adopted by all.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 4 of 4
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