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"When challenges or problems arise with private student loans, borrowers have no place to turn," Brown said. "This bill would establish a federal private loan ombudsman to improve coordination and assistance for private student loan borrowers just as exists with federal student loans.
"Today's students have enough to worry about," Franken said. "Navigating their way through loans shouldn't be harder than college. And when something goes wrong, they need to know someone's there to help them figure out their case. This bill will make sure they have the assistance they need."
"Students and their families are feeling stretched and strained as it is. Our students are graduating with so much debt it's like their first mortgage," Mikulski said. "I want to make sure they're not burdened with extra debt due to unscrupulous lenders or opaque lending terms. This bill will give student borrowers a place to turn when they're facing problems with their loan. The federal government has a loan ombudsman. Private lenders should, too. "
"Students and families deserve an advocate who can answer their questions and address their concerns about student loans," Bennet said. "This bill will provide a much-needed resource to make sure students can focus on their books, not their loans."
The 1998 Amendments to the Higher Education Act established the Student Loan Ombudsman, which serves as a centralized federal clearinghouse to help borrowers navigate disputes and problems with federal loans. The Student Loan Ombudsman has earned the support of borrowers and advocates alike. Currently, however, no such federal resource exists for private student loans borrowers.
By establishing a Private Education Loan Ombudsman, Brown's bill would ensure that Americans engaged in private student loan conflicts have access to a similar federal resource. The Private Education Loan Ombudsman would coordinate services with the Department of Education and Federal Student Loan Ombudsman to ensure that all complaints and problems are reported. The federal body would also assist borrowers in mediating and settling disputes with private lenders.
Brown is a longtime proponent of offering students improved information and assistance in navigating student loan financing. He recently introduced a "debt swap" bill to enable Americans with private student loans to refinance their costly, private loans into low-interest, unsubsidized Stafford loans, which carry a 6.8 percent fixed interest rate. These new "debt swap" loans would be administered by the federal government under the same terms and conditions as other federal student loans.
Last year, Brown conducted an official hearing of the Senate Health, Education, Labor, and Pensions (HELP) Committee on college access and affordability at The Ohio State University. Entitled "Fulfilling the Promise of an Affordable College Education," Brown's hearing addressed the effect the credit crunch on the availability of student loans and the fast growth of high cost private student loans.
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