Today we held a press conference at GMU on reforming the student loan industry in Virginia. This industry has been largely unregulated for many years, and our students have paid the price! www.studentloanjustice.org
The text of our press release today speaks for itself. We are trying to bring some ethics and fairness to this business by passing a “Student Bill of Rights” to protect Virginia students. Thanks to my friend Don McEachin (D-Henrico) for agreeing to be there and supporting me in this important endeavor.
Petersen Proposes Reform of
Student Loan Industry
Today in Fairfax, Democratic State Senate candidates Chap Petersen (D-Fairfax) and Donald McEachin (D-Henrico) announced plans to reform the student loan industry in Virginia by prohibiting abusive lending practices at Virginia universities.
Petersen and McEachin held a press conference today at the George Mason University campus, which sits in the heart of the 34th State Senate district. They were surrounded by student leaders representing the Mason community.
Petersen and McEachin’s initiative would do the following:
- Force student lenders to disclose their “for profit” status to potential borrowers;
- Prohibit exclusive lending relationships between lenders and institutions;
- Prohibit predatory collection practices and usurious penalties.
In their press conference, McEachin and Petersen focused their remarks on Sallie Mae