Durbin introduces Student Loan Borrower Bill of Rights
U.S. Sen. Dick Durbin (D-IL), along with Sens. Elizabeth Warren (D-MA) and Jack Reed (D-RI), introduced legislation on Tuesday to ensure struggling student loan borrowers are treated fairly and understand the range of repayment options available to them.
The bill follows a decision by President Barack Obama to provide additional protection to student loan borrowers.
“I commend the president’s announcement of additional relief for student borrowers earlier this month, but that doesn’t excuse Congress from addressing our national student debt crisis," Durbin said. "More must be done to help the nearly 40 million Americans holding some $1.2 trillion in student loan debt. The Student Loan Borrower Bill of Rights will ensure that all borrowers have basic rights and protections as they repay their student loans and more repayment options if they find that, despite their best efforts, they are unable to make their monthly payments in full.”
The Student Loan Borrowers Bill of Right has six components affording students the right to have alternative payment plans, the right to be informed of key terms and conditions of the loan, the right to know the loan’s servicer and who to contact when there is a problem, the right to consistency how monthly payments are applied, the right to fairness and the right to accountability.