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When the passed, the newest SL Expenses of Rights perform drastically alter the judge landscaping to own education loan servicers into the Massachusetts

When the passed, the newest SL Expenses of Rights perform drastically alter the judge landscaping to own education loan servicers into the Massachusetts

The trouble: Student loan debt in the United States stands at an all-time high of approximately $1.5 trillion spread across more than 44 million borrowers. According to some observers, Massachusetts ranks 12th among states with the highest student debt burden, with average debt exceeding $30,000 per borrower. Against this backdrop, Massachusetts and other states have aspired to a larger regulatory and enforcement role with respect to student loan servicers, the industry participants with the closest relationship to borrowers.

The issue: Two current developments in Massachusetts have significant implications for student loan servicers: (i) state lawmakers are considering enacting a «student loan bill of rights» that would establish state-level regulations specifically aimed at servicers; and (ii) Massachusetts Attorney General Maura Healey has increased enforcement activities against servicers.

Appearing In the future: Student loan servicers should begin preparing for the possibility of new state-level regulations and should adopt appropriate contingency plans. Servicers should also expect continued scrutiny from Attorney General Healey even if new regulations never materialize.

The latest Student loan Statement from Liberties («SL Costs away from Rights») are introduced regarding the Massachusetts legislature for the 2017 as Senate Statement No. 129.

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