Bill regulating student loans headed to governor
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STUDENT LOAN DEBT— A bill regulating student loans is heading to Gov. Chet Culver. The bill, passed unanimously Thursday by the Senate, requires additional disclosure of loan terms and gives new protections to borrowers.
“This is an important issue if you have a student in college. This is an important issue if you are a student in college,” Sen. Tom Courtney, D-Burlington, said.
Lawmakers drafted the bill in response to complaints about high interest rates and allegedly misleading loan solicitations. Some lawmakers also had concerns that certain loan providers were getting favored treatment by colleges, even if the loans didn’t have the best terms available.
Sen. Steve Kettering, R-Lake View, warned that additional restrictions on financial institutions may reduce the number of options available to students.
“I just caution as we do things. We can have an impact,” he said.
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