Durbin Reintroduces Bill To Create Student Loan Borrower Bill Of Rights
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), along with U.S. Senators Amy Klobuchar (D-MN), Jack Reed (D-RI), Tina Smith (D-MN), Peter Welch (D-VT), and Tammy Duckworth (D-IL), today reintroduced legislation to ensure struggling student loan borrowers are treated fairly and understand the full range of repayment options and resources available to them. The Student Loan Borrower Bill of Rights Act creates consistent servicing and disclosure standards across private and federal student loans and allows the Secretary of Education to adjust those standards for federal servicers through regulation to benefit federal student loan borrowers. More than 43 million Americans hold $1.6 trillion in cumulative student loan debt, preventing Americans from fully participating in our nation’s economy by reducing homeownership, jeopardizing retirement security, and limiting entrepreneurship. “Student loan debt is a crushing weight on the backs of American students
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