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Student Loan Borrower Bill of Rights
1/22/2024, 7:00 PM
Summary of Bill S 3404
Bill 118 s 3404, also known as the Student Loan Borrower Bill of Rights, is a piece of legislation introduced in the US Congress. The purpose of this bill is to protect student loan borrowers by establishing certain rights and protections for them.
Some key provisions of the bill include:
1. Ensuring that student loan borrowers have access to clear and accurate information about their loans, including interest rates, repayment options, and loan forgiveness programs. 2. Prohibiting predatory practices by student loan servicers, such as charging excessive fees or providing misleading information. 3. Establishing a Student Loan Borrower Advocate within the Consumer Financial Protection Bureau to assist borrowers with complaints and disputes. 4. Requiring student loan servicers to provide timely and accurate information to credit reporting agencies, to prevent negative impacts on borrowers' credit scores. 5. Providing borrowers with the right to request a review of their loan terms and conditions, and to dispute any errors or inaccuracies. Overall, the Student Loan Borrower Bill of Rights aims to empower student loan borrowers and ensure that they are treated fairly and transparently by loan servicers. This legislation seeks to address the challenges and complexities that many borrowers face when navigating the student loan repayment process.
Some key provisions of the bill include:
1. Ensuring that student loan borrowers have access to clear and accurate information about their loans, including interest rates, repayment options, and loan forgiveness programs. 2. Prohibiting predatory practices by student loan servicers, such as charging excessive fees or providing misleading information. 3. Establishing a Student Loan Borrower Advocate within the Consumer Financial Protection Bureau to assist borrowers with complaints and disputes. 4. Requiring student loan servicers to provide timely and accurate information to credit reporting agencies, to prevent negative impacts on borrowers' credit scores. 5. Providing borrowers with the right to request a review of their loan terms and conditions, and to dispute any errors or inaccuracies. Overall, the Student Loan Borrower Bill of Rights aims to empower student loan borrowers and ensure that they are treated fairly and transparently by loan servicers. This legislation seeks to address the challenges and complexities that many borrowers face when navigating the student loan repayment process.
Read the Full Bill
Current Status of Bill S 3404
Bill S 3404 is currently in the status of Bill Introduced since December 5, 2023. Bill S 3404 was introduced during Congress 118 and was introduced to the Senate on December 5, 2023. Bill S 3404's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text: CR S5751-5761) as of December 5, 2023
Bipartisan Support of Bill S 3404
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
14Democrat Cosponsors
14Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3404
Primary Policy Focus
EducationAlternate Title(s) of Bill S 3404
Student Loan Borrower Bill of Rights
Student Loan Borrower Bill of Rights
A bill to require certain protections for student loan borrowers, and for other purposes.
Comments
Sponsors and Cosponsors of S 3404
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