Durbin Calls For Student Loan ‘Bill Of Rights’

Career College Central summary:

  • Calling student loan debt “a serious challenge,” U.S. Sen. Dick Durbin and two other senators said last week they are proposing a package of bills to protect the rights of student borrowers and address not only the amount of debt but also the default rate on education loans and rising college costs.
  • Durbin, a Springfield Democrat, noted that accumulated student loan debt has reached $1.2 trillion — surpassing credit card debt and second only to mortgages, in terms of household debt. He argued that debt not only hurts students, it hurts the economy.
  • Durbin was joined in a call-in news conference by two other Democratic senators, Jack Reed of Rhode Island and Elizabeth Warren of Massachusetts. All three, plus Sen. Barbara Boxer, D-Calif., introduced a bill Dec. 11 which would establish a Student Loan Borrower Bills of Rights.
  • The measure, S 1803, would apply to both federal and private student loans. Its requirements include informing borrowers about key terms, conditions and repayment options and providing a grace period when loans are transferred.

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