BOSTON (WWLP) – A so-called ‘student loan bill of rights’ could give college students more support when it comes to paying off their debt.
Longmeadow State Senator Eric Lesser filed the bill to establish a position within the attorney generals office to investigate student loan servicers who harass or mistreat borrowers.
Right now, more than 800,000 Massachusetts residents owe a total of $33.3 billion in student loans.
“This is crowding out the ability of young people to buy homes, it’s limiting young peoples ability to start new businesses, it’s limiting peoples ability to have children because childcare expenses are too much to bear when you have student loan payments as well,” Senator Lesser said.
Senator Lesser’s bill would also require student loan providers to be licensed.
With these new protections and an increase in financial counseling, lawmakers hope to provide tools that will allow students to minimize their debt burdens.
If this bill becomes law, Massachusetts will become the 13th state to consider protections for student loan borrowers.