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Tue Jun 11, 2019, 10:26 PM

Democrats push for tougher oversight on student loan market

Democratic lawmakers at a House hearing on Tuesday pushed for tougher oversight of companies handling student loans.

The hearing before the House Financial Services Subcommittee on Oversight and Investigations addressed what critics say is predatory behavior within the $1.5 trillion student loan servicing market.

Democrats pushed for Congress to impose responsibilities so that loan servicers must provide better advice to student borrowers. Under current Department of Education rules, federal student loan servicers are not legally obligated to inform borrowers which loan repayment plans are most beneficial for them.

“You want your degree at the end, and that’s really the focus when young people get in there,” said Rep. Rashida Tlaib (D­Mich.). “Then afterwards they expect the government and the quasi-­governmental relationship they might have with private companies to do what’s in the best interest of their future.”

https://thehill.com/policy/finance/448058-democrats-push-for-tougher-oversight-on-student-loan-market

Another bill that will probably be held up by cocaine Mitch.

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Reply Democrats push for tougher oversight on student loan market (Original post)
Yo_Mama_Been_Loggin Jun 11 OP
former9thward Jun 11 #1
Chin music Jun 11 #2

Response to Yo_Mama_Been_Loggin (Original post)

Tue Jun 11, 2019, 10:39 PM

1. It would be oversight of themselves.

Banks have been out of the student loan business for over 10 years. Student loans come from the federal government under rules set by Congress.

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Response to Yo_Mama_Been_Loggin (Original post)

Tue Jun 11, 2019, 11:41 PM

2. School costs too damn much to begin with. Its unaffordable for most kids these days.

There isn't even close to a 1:1 ratio of jobs available, to even pay them off....in a lifetime.

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