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Virginia Senate Passes Student Loan Borrowers’ Bill of Rights

From Progress Virginia:

RICHMOND, Va. – by way of a vote of 40-0, the Virginia Senate passed Senator Janet Howell’s SB77, the Student Loan Borrowers’ Bill of Rights today.

The legislation will include education loan servicers like Navient towards the directory of monetary entities controlled by the state’s Bureau of banking institutions. Especially, the bill forbids loan servicers from misapplying loan re payments, misrepresenting or omitting product information in regards to the terms or conditions regarding the loan, and supplying inaccurate information to credit reporting agencies.

Your house type of the balance, sponsored by Delegate Marcus Simon and Delegate Marcia cost, has recently cleared the home.

Navient is sued by the because of the customer Financial Protection Bureau, the United states Federation of Teachers, and five states for failing woefully to precisely use re re payments to borrowers’ accounts, reporting loans improperly to credit agencies, deceiving borrowers about cosigner release needs, and pressing borrowers who’re struggling into forbearance in place of into income-driven payment plans.

“In Virginia, we’ve something called the Bureau of banking institutions, which regulates monetary providers like banking institutions, credit unions, mortgage brokers as well as payday loan providers, ” said Senator Howell. “Virtually every single other variety of financial obligation is managed in Virginia, except education loan debt. This not enough legislation is egregious considering the fact that we now have over 1 million borrowers in Virginia who will be collectively carrying over $41 billion in education loan financial obligation. 続きを読む