With student debt topping $1.2 trillion, there’s increasing focus on what happens to people after they take on loans, particularly borrowers who are struggling to make their payments. The Consumer Financial Protection Bureau is about to begin overseeing the seven largest student loan servicers. Now four Senate Democrats—Illinois’s Dick Durbin, Massachusetts’s Elizabeth Warren, California’s Barbara Boxer, and Rhode Island’s Jack Reed—have introduced legislation proposing a bill of rights for borrowers.
The press release focuses on the “rights” the legislation will give borrowers, but the full bill, which Durbin’s office provided because it isn’t on the government’s website yet, shows there’s more tucked into the 46-page document (PDF). Here’s how it breaks down: