ProgressOhio

I stumbled upon this Clinton press release:

"Senator Hillary Rodham Clinton today reintroduced the Student Borrower Bill of Rights, a bill that gives rights to student borrowers trying to repay their loans. The bill provides student borrowers with basic rights to ensure that loan payments are affordable, to allow students to shop for loans in a free marketplace and to give students timely information about their loans. "

Clinton states that students are "overly burdened" with loan payments and are exploited by lack of real market choices. I for one would agree as I am currently being saddled by a 20 year loan at 9% interest (the prevailing rate when I consolidated my 6 loans). Sallie Mae loans cannot be refinanced even though their rates fell dramatically after I consolidated.

"Over the past decade, the average debt burden for college graduates has increased 58 percent, after accounting for inflation. And today, the average borrower graduating from a public four- year institution owes $15,500, while one in ten students owe $33,000 or more." The bill will make it easier for students to repay their debt by requiring the lender to establish fair monthly payments that do not exceed a certain percentage of their incomes as well as fair interest rates and fees.