Statement on White House “Student Aid Bill of Rights”
We applaud the President’s commitments to better serve the nation’s federal and private student loan borrowers, including those in financial distress and those who have been wronged by loan servicers, loan collectors, or schools.
The Presidential Memorandum takes many steps that we have advocated for and that borrowers urgently need, including a coordinated system for accepting, tracking, and reporting complaints, a single portal for borrowers to manage their federal loan accounts, fairer and more consistent treatment for borrowers in bankruptcy, elimination of the need for borrowers in income-driven repayment plans to submit annual income information that the government already has, and regular public reporting of more comprehensive loan data.
