Earlier this month, Durbin, Reed and Warren joined U.S. Senator Barbara Boxer (D-CA) in introducing the Student loan Debtor Expenses from Rights Act to ensure struggling student loan borrowers are treated fairly and understand the full range of repayment options and resources available to them. The legislation provides six basic rights for all federal and private student loan borrowers:
- The right to possess possibilities such solution commission intentions to stop standard.
- The legal right to be informed on terms and you will criteria out-of the loan and you may one payment choices to guarantee switching plans wouldn’t cost more.
- The ability to see their loan’s servicer and you can who to arrive out over if there’s problems.