New Mexican Student Loan Borrowers may be getting additional support and protections while they are undergoing the process of paying for a higher education.
The House Education Committee voted for a due pass of the Student Loan Bill of Rights Act, with a result of 7-3.
HB 71 provides regulatory framework for student loan servicers and private education lenders and creates an ombuds that would help students interact within the education system.
Expert Witness Winston Burkman-Breen Legal Director of the Student Loan Borrower Protection Center, Said the bill accomplishes three goals.
“The bill essentially does three things and I'll walk through each of them. It licenses the student loan service industry, it provides consumer protection for private student loan borrowers and it Lays out the FID authorities and tools to supervise the industry and educate borrowers.Including creating an ombudsman role”
Bill Sponsor Representative Chritine Chandler said this legislation is on-trend and timely.
“This bill has been in-some form been passed by 19 other states, 8 more than last year, when we were talking about it. There is some momentum growing over it and the need. I'll remind you Mr. Chair and Members that payments on student loans resumed in the fall, it's a consumer protection bill.”
Representative Chandler said that before 2016 this sector was largely unregulated and the economy is still being damaged by this.
