Ayanna Pressley at a really against Supreme Court nominee Brett Kavanaugh in Boston, October 1, 2018 (REUTERS/Brian Snyder).
Congresswoman Ayanna Pressley (D-Mass.) introduced legislation aimed at helping private student loan borrowers improve their credit. The bill would establish processes similar to protections granted to delinquent or defaulted federal student loan borrowers.
The Student Borrower Credit Improvement Act would establish a credit rehabilitation process for borrowers and offer other measures to help struggling borrowers repair their credit score. Student loan debt is the second highest form of consumer debt behind mortgage debt and ahead of credit card debt and auto loans.
“My bill will help those borrowers who had to resort to private student loans — one of the riskiest ways to finance a college degree because these loans lack important consumer protections and repayment options,” Pressley said in a speech.
“Private student loans make up nearly 10 percent of the…
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