Dear Neighbors,
We are now halfway through the legislative session, and time is flying by at the Capitol. Here are a few updates from this week:
Putting a “cop on the beat” in the Student Loan Industry
Minnesota is currently experiencing a student loan crisis. Student loan debt is now the second largest type of debt held in the United States, surpassing credit card debt (only mortgage debt is higher). There are 775,000 Minnesotans holding student debt totaling $27.1 billion.
The student loan system is endlessly complex and every day we hear stories of how the student loan companies abuse and confuse Minnesotans. That is why I authored House File 1424, which creates a Student Loan Advocate inside Minnesota’s Department of Commerce. The role of the advocate is simple: to be on the side of Minnesota’s students and student loan borrowers. To help them navigate the endless web of rules and forms that characterize our student loan system. To answer their questions, and help them avoid small mistakes that have big consequences. The Advocate will also police bad behavior by student loan companies and enforce a new “Borrower’s Bill of Rights” that the bill creates. Continue reading “Rep. Zack Stephenson (HD36A) Update: March 29, 2019”