HB 1440: Student Loan Bill of Rights
January 19, 2017 | By Washington House Democrats
March 21, 2017
HB 1440 had a public hearing in the Senate Higher Education committee.
March 1, 2017
HB 1440 was approved by a vote of 71-27 and now goes to the Senate for consideration. You can watch my floor speech in support of the bill below:
February 24, 2017
HB 1440 had a public hearing in the House Appropriations committee. You can watch the committee testimony below:
February 14, 2017
HB 1440 was approved by the House Higher Education committee. It now goes to the House Appropriations committee for consideration.
February 1, 2017
HB 1440 had a public hearing in the House Higher Education committee. You can watch the committee testimony below:
January 19, 2017
Today I introduced HB 1440 – The Student Loan Bill of Rights.
According to the state Attorney General’s office, hundreds of complaints have been filed against student loan servicing companies and third-party loan modification companies over questionable operating procedures and debt readjustment scams that prey on students struggling to make their loan payments.
More than half of Washington students have student debt after leaving college. Navigating the repayment process can be difficult and in some cases, student loan services are steering borrowers toward decisions that are not in the borrower’s best interest.
The Washington Student Loan Bill of Rights would prohibit harmful business practices by student loan servicing companies and third-party loan modification companies such cutting off communication with a borrower, reporting inaccurate information to credit bureaus, and encouraging borrowers to waive their legal rights. Students paying off college debt will have additional consumer protections against scams and other harmful business practices under this bill.
The legislation would also create a Student Education Loan Ombuds within the Washington State Student Achievement Council. The ombuds would be responsible for fielding complaints from student borrowers and helping borrowers better understand their rights and responsibilities under their loan agreement.
Some bad actors have received attention for not providing quality service to borrowers. Student borrowers expect a level of customer service that helps them repay their loans. This bill will protect our students in Washington state.