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.
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