ADVISORY: Virginians in Student Loan Debt
Call for Borrowers’ Bill of Rights
Virginians collectively owe over $41 billion on student loans. They are calling for the passage of
HB10
and
SB77
, the Student Loan Borrowers’ Bill of Rights. This legislation would extend basic consumer protections to borrowers and require loan servicers to be licensed by the Bureau of Financial Institutions, like similar financial providers including banks, credit unions, mortgage lenders, and payday lenders. Servicers would also be required to give borrowers accurate information about their loans, apply payments properly, and report accurate payment information to credit bureaus.
WHO
: Virginia student loan borrowers. Bill sponsors Senator Janet Howell and Delegate Marcus Simon. Anna Scholl, executive director of Progress Virginia. Representatives from Virginia 21, Center for Responsible Lending, Virginia Poverty Law Center, Student Borrower Protection Center, Virginia Education Association, the Fairfax County Federation of Teachers, and the Norfolk County Federation of Teachers.
WHAT
: Press conference calling for the passage of the Student Loan Borrowers’ Bill of Rights.
WHEN
: Monday, Jan. 27 at 10:30 a.m.
WHERE
: House Briefing Room in Pocahontas Building. 900 E. Main Street, Richmond, Virginia, 23219
