DES MOINES — Gov. Chet Culver signed legislation Monday to help make the student loan process more transparent for Iowa college students and provide more oversight for lenders.
Lawmakers moved to approve the measure as the average debt load has climbed for Iowa students.
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The bill also provides protections for students and
prohibits profit-sharing agreements between lenders and schools as well as gifts intended to encourage the use of a particular lender.
Under the legislation, the state superintendent of banking would oversee the secondary student loan market and perform an annual review to make sure lenders are in compliance.
Quad City TimesLegislation seems to be offered AFTER the damage is done and very little is offered to make individuals whole.
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