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Senators Introduce Bill For Counseling On Private Student Loans

from Bloomberg

Two U.S. Democratic Senators introduced a bill that would require colleges to counsel students before they sign on to private loans and inform them if they are eligible for federal loans. The "Know Before You Owe Act of 2012" also would require the borrower's school to confirm the student's enrollment status, cost of attendance and estimated federal financial aid assistance before the private student loan is approved, according to a statement released by U.S. Sen. Richard Durbin, D-Ill. Private loans don't have the same kinds of protection as federal loans, which include income-based repayment and deferment options. U.S. educational debt has reached $1 trillion, according to the Consumer Financial Protection Bureau. more

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