Drowning in student debt? The Obama administration says it wants to help with a student “bill of rights.” Here’s what they’ve proposed:
Multiple loans, one location
Right now, students frequently have multiple loans handled by multiple companies using a complicated constellation of websites. The White House has asked companies to put all of that information in one place, which should give students a clearer idea of who is servicing their loans and how they can go about altering repayment plans. Loan servicing companies will also have to tell borrowers if they transfer the loan to another loan servicing company, and the White House has asked companies that service federal loans to apply any extra loan payments to a student’s highest-interest loan automatically.
A better complaint system
Obama has asked the Education Department to create a better way of processing and responding to student loan complaints from borrowers. While…
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