Bill > S3404

This bill, the Student Loan Borrower Bill of Rights, aims to provide certain protections for student loan borrowers. The key provisions of the bill include: - Requiring student loan lenders and servicers to provide additional disclosures to borrowers, such as information about servicemember and veteran benefits, alternative repayment options, and the availability of a repayment specialist. - Establishing requirements around payment allocation, late fees, and borrower inquiries to lenders and servicers. - Mandating that lenders and servicers designate a repayment specialist office or unit to assist at-risk borrowers. - Prohibiting lenders from denying credit to individuals eligible for protections under the Servicemembers Civil Relief Act. - Establishing a rehabilitation program for private student loans that would allow borrowers to remove defaulted loans from their credit history. - Requiring private student loans to include terms for discharging the loan in the event of the borrower's death or permanent disability. - Placing new restrictions on private student loan terms, including prohibiting the acceleration of payments and requiring lenders to obtain institutional certification before issuing loans. - Directing the Department of Education to establish a centralized point of access for all federal student loan borrowers in repayment. - Expanding the responsibilities of the Consumer Financial Protection Bureau's student loan ombudsman. Overall, the bill aims to enhance consumer protections and transparency around student loan servicing.

Health and Social Services

https://www.congress.gov/bill/118th-congress/senate-bill/3404/all-info