LANSING, Mich., June 21, 2022 — Today, a bipartisan coalition introduced legislation to establish protections for student borrowers by increasing transparency, affordability and accessibility around student loans.
“College is the key to a brighter economic future for so many students, yet they often face insurmountable hurdles during school and after graduation,” said state Rep. Sarah Anthony (D-Lansing), the lead sponsor of the package. “With this legislation, we are one step closer toward ensuring that students are equipped and encouraged to contribute to the workforce without shouldering undue burdens.”
The following bills are included in the package:
- House Bill 6262: Creates a tax credit incentive for employers to make student loan payments on behalf of their employees. (Rep. Sarah Anthony)
- House Bill 6263: Revises the fee cap under the Tuition Incentive Program (TIP) to specify that all mandatory fees are covered by the program. (Rep. Scott VanSingel)
- House Bill 6264: Modifies TIP eligibility requirements to allow students to use the award within 10 years of high school graduation instead of four. (Rep. Sarah Anthony)
- House Bill 6265: Establishes funding for student loan forgiveness for those who are employed in high-demand jobs in rural counties. (Rep. Padma Kuppa)
- House Bill 6266: Creates the Student Loan Disclosure Act to require higher education institutions to provide certain information to an enrolled student borrower on an annual basis. (Rep. Pat Outman)
- House Bill 6267: Creates the Student Borrowers Bill of Rights. (Rep. Lori Stone)
Other states have passed similar bills to protect student borrowers from unfair, deceptive and predatory practices by servicers and lenders.