Student Loan Bill of Rights
On March 10, 2015, President Obama introduced the Student Aid Bill of Rights; another executive action to deal with student loan debt. Read the official Memorandum.
The Student Loan of Bill Rights makes some important changes to student loans and the collection student.
Joshua R. I. Coehn is a prominent consumer lawyer in the area student loans. He recently posted a summary of the Student Loan Bill of Rights and its impact on student loans and the collection of student loan debt. It’s a good and informative read. Joshua’s summary addresses each major section of the Bill of Rights, which are:
Section 1. State-of-the-Art Complaint and Feedback System.
(a) Complaints and Feedback Regarding Federal Financial Aid
(b) Coordination Among Other Enforcement Agencies.
Sec. 2. Helping Borrowers Repay Their Loans and Avoid Default.
(a) Higher Standards for Federal Direct Loan Servicing.
(b) Regular Review of Student Loan Performance and Borrower Trends
(c) Additional Protections for Student Loan Borrowers.
(d) Higher Customer Service Standards in Income-Driven Repayment Plans.
(e) Finding New and Better Ways to Communicate with Student Loan Borrowers.
(f) Making it Easier for Federal Direct Student Loan Borrowers to Repay Their Student Loans.
Sec. 3. Fair Treatment for Struggling and Distressed Borrowers.
(a) Raising Standards for Student Loan Debt Collectors.
(b) Providing Clarity on the Rights of Borrowers in Bankruptcy.
(c) Protecting Social Security Benefits for Borrowers with Disabilities.