State officials launch push for a student bill of rights
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State officials launch push for a student bill of rights


(MM) NEW AT SIX — RHODE ISLAND’S ATTORNEY GENERAL AND STATE TREASURER HAVE JOINED WITH A GROUP OF LAWMAKERS — TO PROTECT STUDENT LOAN BORROWERS. EYEWITNESS NEWS REPORTER STEPH MACHADO JOINS US LIVE FROM THE STATE HOUSE TO TELL US ABOUT IT. ACCORDING TO THE TREASURER’S OFFICE, RHODE ISLANDERS HAVE A COMBINED 4 POINT 5 BILLION IN STUDENT LOAN DEBT…THAT INCLUDES THOUSAND OF SENIOR CITIZENS STILL CARRYING STUDENT LOAN DEBT… THIS LEGISLATION IS AIMED AT PROTECTING CUSTOMERS FROM WHAT THE TREASURER CALLS “PREDATORY” PRACTICES BY SOME LOAN SERVICING COMPANIES. “I feel helpless” KARA HUMM SAYS SHE SHOULD HAVE HER STUDENT LOANS FORGIVEN BY NOW, AFTER MAKING PAYMENTS AND WORKING IN A PUBLIC SERVICE JOB FOR TEN YEARS… I feel as though it’s hard to get any answers, and the answers I do get are certainly inconsistent. I’ve done what I was told, I fulfilled my obligatation and I expected this loan to be forgiven INSTEAD SHE SAYS SHE’S DEALING WITH HER STUDENT LOAN SERVICER…APPEALING DECISIONS THEY MADE ABOUT HER PAYMENTS. GENERAL TREASURER SETH MAGAZINER AND ATTORNEY GENERAL PETER NERONHA ARE TRYING TO REGULATE THOSE STUDENT LOAN SERVICERS… BY REQUIRING THEM TO REGISTER WITH THE STATE, PAY A $1000 REGISTRATION FEE, AND FOLLOW SPECIFIC PRACTICES LIKE TELLING BORROWERS ABOUT ALL THEIR OPTONS FOR REPAYMENT. Student loan servicing companies that are supposed to help people make their payments and keep up with their loans, all too often are giving people the wrong information, misleading information,are processing payment incorrectly THE “STUDENT LOAN BILL OF RIGHTS” WOULD LET BORROWERS REPORT COMPANIES TO THE ATTORNEY GENERAL’S OFFICE IF THEY USE DECEPTIVE PRACTICES. People’s lives are being ruined by these poor loan servicing practices. AND I REACHED OUT TO STUDENT LOAN SERVING ALLIANCE FOR COMMENT ON THE BILL BUT HAVE NOT HEARD BACK….I ALSO CONTACTED “NAVIENT” WHICH MAGAZINER SAID IS ONE OF THE LARGER SERVICERS IN RHODE ISLAND…A SPOKESPERSON SAID THEY HAVE NO COMMENT UNTIL THEY CAN REVIEW THE LEGISLATION.

One Comment

  • Michael Cruz

    Aren’t we tired of having “middle men” in regards to loans for higher education? Time to make public college tuition free and stop wasting our time with middle men… geez…

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