Virginia House passes bill regulating student loan industry

Virginia News

RICHMOND, Va. (WFXR) – There are more than 1 million student borrowers across the Commonwealth.

Those loans average more than $40,000 and on Monday, the Virginia House passed legislation that would create a so-called “Borrower’s Bill of Rights.”

It would make the student loan industry’s rules equal to rules in place for banks, credit unions and mortgage lenders.

It would also outlaw lenders from making false statements or leaving out key facts borrowers should know.

Since 2016, more than 1,200 Virginians have complained about student loan companies to federal agencies.

LATEST STORIES:

Get breaking news, weather, and sports delivered to your smartphone with the WFXR News app available on Apple and Android.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

News tips

Do you have a news tip or breaking news to share with WFXR?  Submit your tip here.

Latest News

More News

News Tip Form