Enacts protections for private education loan borrowers and cosigners.
This bill enacts protections for private education loan borrowers and cosigners by requiring lenders to provide certain notifications and prohibiting acceleration of payments. It mandates that lenders send borrowers and cosigners annual written notices about cosigner release eligibility. It prohibits lenders from accelerating loans for reasons other than failure to pay. It also requires lenders to provide borrowers and cosigners with access to loan documents and records.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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