Student Loan Borrowers Bill of Rights Unveiled in Delaware

In preparation for the June 30th end to a pandemic-era pause on student loan repayment, Senator Sarah McBride and Representative Sophie Phillips introduced consumer protection legislation this week. Senate Bill 132 would establish a Student Loan Borrower Bill of Rights. The bill would create a series of protections for those who enter into financial aid agreements with student loan servicers. Under SB 132, student loan servicers would be required to engage in clearer communications with student loan borrowers and cosigners of student education loans. The bill also would prohibit student loan servicers from engaging in unfair or abusive practices, such as deceptive marketing tactics or predatory collection methods. With roughly 43 million student loan borrowers nationwide, more than 18 states have passed legislation to support student borrowers. SB 132 has been assigned to the Senate Education Committee.

For further details on the bill, go to:
https://legis.delaware.gov/BillDetail/140406