LANSING—State Rep. Henry Yanez (D-Sterling Heights) introduced House Bills 6446, 6447 and 6448 today to create a Student Loan Bill of Rights to ensure that students have access to higher education so they can find good-paying jobs, and create a student loan ombudsman to protect borrowers and resolve disputes.
“Our students need to be able to pursue their dreams and get the education and skills they need to find a good job, but to do that many students need to take out loans leaving them with massive debt after graduation,” said Yanez. “My bill will ensure that students understand what they’ve signed and have an affordable repayment plan so that their debt does not dictate the jobs they take after graduation.”
The Student Loan Bill of Rights addresses access to quality education, resources to finance it, affordable repayment plans and fair treatment by lenders for all student borrowers. The student loan ombudsman would help resolve disputes between the student borrower and lender and would help student borrowers understand how to manage and finance debt.
“We need skilled workers here in Michigan, but too many end up leaving the state to take good-paying jobs elsewhere because of the massive debt they take on,” said Yanez. “One of the best ways we can work to keep students here is making sure that they’re not saddled with debt for the rest of their lives just because they wanted to get an education. We should make sure that students can get the help they need and an affordable repayment plan, providing students the freedom to take the job they’re best suited for rather than the job that pays the most.