Enacts protections for private education loan borrowers and cosigners, requiring certain notifications from creditors and debt collectors.
The bill adds protections for private education loan borrowers and cosigners. It mandates that creditors and debt collectors provide borrowers and cosigners with specific information, including details about delinquency cures, cosigner release eligibility, and account statements. The bill prohibits lenders from accelerating loans except for failure to pay and restricts negative consequences on borrowers and cosigners for 60 days after a cosigner release request.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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