Published: May 2019

California to lead the effort to protect student loan borrowers

AB 376, the Student Borrower Bill of Rights, would make California the first state in the nation to create a comprehensive set of rights for people holding student debt by requiring student loan companies to treat borrowers fairly and giving borrowers the right to hold these companies accountable when they fail to meet basic servicing standards.

Consumer Action joined advocates in urging the California State Legislature to support the "Student Borrower Bill of Rights," which aims to protect borrowers with student loans. The bill, AB 376, primarily targets student loan servicers, which are responsible for collecting student loan payments and managing student loan accounts.

Specifically, the bill would:

  • Ban “abusive” student loan servicing practices;
  • Create minimum loan servicing standards;
  • Establish a Student Loan Advocate; and
  • Grant the Department of Business Oversight additional “market monitoring” authorities

 

Lead Organization

A Campaign for California Borrowers' Rights

Other Organizations

Asian Americans Advancing Justice CA | Americans for Financial Reform | Building the CA Dream Alliance | CA Asset Building Coalition | CalNonprofits | CLICC | Californians for Economic Justice | CalPIRG | City and County of San Francisco | City and County of San Francisco Treasurer’s Office | CHIRLA | Consumer Action | CFC | CR | EBCLC | HERA | NEW | NextGen CA | Public Law Center | San Francisco Office of Financial Empowerment | SEIU CA | SBPC | Student Debt Crisis | SSCCC | TICAS | UNIDOSUS | UCSA | Young Invincibles

More Information

Click here to read the full coalition letter.

For more information, please visit the campaign website.

 

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