Maine Legislature Passes 'Student Loan Bill of Rights'

AUGUSTA, Maine - Maine lawmakers have passed a "Student Loan Bill of Rights" aiming to protect borrowers.The Senate unanimously enacted the legislation Monday. Democratic Gov. Janet Mills has 10 days to act on the bill or let it go into law without her signature. Such legislation had failed in the last legislative session under a Republican administration. The bill creates a student loan ombudsman with responsibilities that include reviewing and possibly resolving complaints from borrowers. The ombudsman would also compile and analyze borrower data and help borrowers understand rights and responsibilities. Maine's bill requires servicers who do business in Maine to obtain a license and undergo an investigation. The bill automatically licenses student loan servicers under contract with the U.S. Department of Education.