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Maine To Consider A Student Loan Bill Of Rights

AUGUSTA, Maine - A Maine lawmaker is making a push to protect student loan borrowers in the state from falling victim to unscrupulous lending practices.Democratic Sen. Eloise Vitelli of Arrowsic wants to establish a "Student Loan Bill of Rights'' that would create a state system overseeing student loan services that operate in Maine. She says it would use a registration procedure and require the lenders to comply with federal laws.
 
It would also prohibit the lenders from misleading borrowers and allow Maine officials to investigate servicers of student loans.
 
Vitelli and Democrats in the Maine Senate say the student debt burden in the state is one of the key problems holding back Maine's economy.
 
Vitelli's bill was the subject of a public hearing in front of a legislative committee on Tuesday.