The Student Loan Borrower’s Bill of Rights – which was first introduced last year, but failed to move forward – was introduced today by Senators Dick Durbin of Illinois, Elizabeth Warren of Massachusetts and Jack Reed of Rhode Island.
Wednesday, March 25, 2015
Student Loan Borrower’s Bill Of Rights Would Reform Disclosure And Servicing Standards
The Student Loan Borrower’s Bill of Rights – which was first introduced last year, but failed to move forward – was introduced today by Senators Dick Durbin of Illinois, Elizabeth Warren of Massachusetts and Jack Reed of Rhode Island.
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While I understand the necessity for its existence, the student loan process is one of the most infuriating things in the world. Students are trying to better themselves (and ultimately the society they become a part of), so why does the loan process seem so punitive and exploitive? Not only that, but the process is so convoluted and difficult to comprehend that many students end up choosing a college based on financial reasons, instead of "fit". This is inexcusable.
Legislation governing this process is vital. The fact that student loans can be used predatorily is ridiculous. Loans often haunt students for years after they graduate, and the need to pay them off can shape job choices, and ultimately careers. This process really does need much more examination and moderation. I'm so tired of hearing fellow students have to hem and haw and deal with the anxiety of taking on loans, trying to plot out the next decade of their lives to justify the expense of college.
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