|Posted:||January 7, 2021 10:28 AM|
|From:||Representative Jennifer O'Mara and Rep. Meghan Schroeder|
|To:||All House members|
|Subject:||Student Borrower’s Bill of Rights|
|Pennsylvania has the unfortunate distinction of having more student loan debt per resident ($38,521) than any other state in the nation, bar New Hampshire and Connecticut. Today, it is estimated that 2.1 million Pennsylvanians carry this kind of debt, and it is hurting our economy and making the realization of the American dream seem impossible.
To make matters worse, it isn’t uncommon for student loan borrowers to incur avoidable debt, interest, and fees because the loan process is complex and confusing. Borrowers are often unaware of income-based repayment options that would dramatically lower monthly payments and reduce added interest.
My legislation – a Student Borrowers’ Bill of Rights – would curb these abuses and have the backs of our students and their families. This bill would guarantee: 1- student loan borrowers would have access to accurate information about the loan and all repayment options, 2- stronger state oversight of lenders from the Department of Banking, and 3- an ombudsman whose sole responsibility is to assist borrowers.
Please sign on today so we can quickly get to work and start to fix these issues in our state.