Durbin, Dem Senators Push For Student Loan Measures In Banking Bill
WASHINGTON—U.S. Senate Democratic Whip Dick Durbin (D-IL) introduced an amendment to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) that would improve consumer protections for federal and private student loans. Included in Durbin’s amendment is a Student Loan Borrower Bill of Rights to improve federal and private student loan servicing, restoration of private student loan dischargeability in bankruptcy, protections for service members and veterans, and protections from excessive wage garnishment for struggling borrowers. Durbin was joined by Senators Jack Reed (D-RI), Elizabeth Warren (D-MA), Patty Murray (D-WA), Sherrod Brown (D-OH), Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Tammy Duckworth (D-IL), Sheldon Whitehouse (D-RI), Maggie Hassan (D-NH), and Chris Van Hollen (D-MD) in introducing this amendment.
“If we can take up the issue to make it easier for banks in America, we can spare a few minutes to debate whether or not we can make it easier for student borrowers to survive when the student debts that they face are stopping them from moving forward in their lives – massive debt that stops them from getting married, buying a home, a car, starting a family, that’s the reality for many families across America,” Durbin said in a speech on the Senate floor. “I hope my colleagues will join me. It would be terrific if we could allow on the floor of the Senate those speeches and a vote on that critical issue.”
Video of Durbin’s remarks on the Senate floor are available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
Durbin’s student loan amendment includes:
- Student Loan Borrower’s Bill of Rights, which improves federal and private student loan servicing;
- Restoring dischargeability for private student loans in bankruptcy;
- Know Before You Owe Private Student Loan Act, which requires that borrowers be notified of any remaining federal financial aid before taking on necessary private student loan debt;
- Clarifying the “undue hardship” exception that Congress wrote into the bankruptcy code for student loans; and,
- Other provisions that will help ease student loan debt for American families and our men and women in uniform.
Durbin’s student loan amendment is supported by: National Consumer Law Center, Center for Responsible Lending, National Association of College Admissions Counseling, American Federation of Teachers, National Education Association, and Young Invincibles.
A full summary of Durbin’s student loan amendment is available here.
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