The Student Loan Market is Broken: Preempting State Law Would Make it Worse

[...]the Higher Education Act defines a range of additional federal protections that should alleviate the burden of this unprecedented and untenable debt, including programs like Public Service Loan Forgiveness (PSLF) and interest-rate caps for certain military borrowers. [...]ED specifically advise...

Full description

Saved in:
Bibliographic Details
Published inAdministrative & Regulatory Law News Vol. 44; no. 3; pp. 4 - 6
Main Author Frotman, Seth
Format Trade Publication Article
LanguageEnglish
Published Chicago American Bar Association 01.04.2019
Subjects
Attorneys general
Consumer protection
Debt cancellation
Disclosure
Higher education
Law enforcement
Preemption
State court decisions
State laws
Student debt
Student loans
United States > US
Illinois
Pennsylvania
Online AccessGet full text

Cover

More Information
Summary:[...]the Higher Education Act defines a range of additional federal protections that should alleviate the burden of this unprecedented and untenable debt, including programs like Public Service Loan Forgiveness (PSLF) and interest-rate caps for certain military borrowers. [...]ED specifically advises borrowers to reach out to their servicer if they are experiencing financial hardship or other repayment obstacles. [...]TILA's implementing regulations required a creditor, for each transaction, to disclose its identity, certain financing and payment information, annual and variable percentage rates, and other specified information. Because these types of disclosures significantly overlapped with the disclosure requirements under the HEA, Congress exempted lenders and servicers from TILA so that they would not be subject to duplicative requirements. [...]when the Congress amended HEA to include 1098g, TILA permitted states and creditors to apply to the Federal Reserve Board for a determination of whether a state law disclosure is "substantially the same in meaning as disclosure required under this subchapter."
ISSN:1544-1547
2163-1743