3/10/2015 – Obama Signs ‘Student Aid Bill of Rights’ to Help Protect Borrowers (The New York Times)

Mar 12, 2015 Comments Off by

 President Obama on Tuesday signed what he called a “Student Aid Bill of Rights” that he said would help students deal with the growing burden of college loans. With the memorandum, Mr. Obama directed federal agencies to take steps to make it easier for college students to finance their education, pay back their loans and avoid being taken advantage of by unscrupulous lenders.

“We can and should do much more to give students affordable ways to meet their responsibilities and repay their loans,” Mr. Obama wrote in the executive order. “Now is the time for stronger protections.”

The order directs the secretary of education to develop a “state of the art complaint and feedback system” that would allow students to easily file grievances about the federal financial aid process. Mr. Obama’s directive would also require federal agencies involved in the distribution of student aid to enhance consumer protections and information disclosure during the financial aid process. And it would create a new task force to monitor student loan performance and trends in borrowing.

Read the full article at The New York Times.

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