Democrats push for tougher oversight on student loan market
Democratic lawmakers at a House hearing on Tuesday pushed for tougher oversight of companies handling student loans.
The hearing before the House Financial Services Subcommittee on Oversight and Investigations addressed what critics say is predatory behavior within the $1.5 trillion student loan servicing market.
Democrats pushed for Congress to impose responsibilities so that loan servicers must provide better advice to student borrowers. Under current Department of Education rules, federal student loan servicers are not legally obligated to inform borrowers which loan repayment plans are most beneficial for them.
“You want your degree at the end, and that’s really the focus when young people get in there,” said Rep. Rashida Tlaib (DMich.). “Then afterwards they expect the government and the quasi-governmental relationship they might have with private companies to do what’s in the best interest of their future.”
https://thehill.com/policy/finance/448058-democrats-push-for-tougher-oversight-on-student-loan-market
Another bill that will probably be held up by cocaine Mitch.
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