With the ongoing discussion of student loans and student debt, it could be good to hear some positive news.
A few states are working to provide just that. According to an article by US News and World Report, Connecticut is among the first state to pioneer a Bill of Rights for student borrowers.
“In 2015, Connecticut became the first state to pass a borrower’s bill of rights. The bill established a student loan ombudsman in the Connecticut Department of Banking, as well as an educational financial literacy course for college students.
It also requires student loan servicers to be licensed by the state banking department and prohibits them from defrauding or misleading borrowers. Similar legislation has been filed in Massachusetts, Michigan, Washington and Rhode Island.”
At this time, Oklahoma is not on the list of states working toward this legislation.
For more information, read the full article here.
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