studentloandebt

The Maine Legislature is currently considering LD 1507, “An Act to Establish a Student Loan Bill of Rights to License and Regulate Student Loan Servicers,” sponsored by state Senator Eloise Vitelli (D-District 23).

The bill would require that companies like Navient, the nation’s largest student loan servicer, register with the state — a proposal that’s in direct opposition to President Trump and U.S. Education Secretary Betsy DeVos’s plan to protect student-debt collectors from state investigations. According to documents obtained by Bloomberg, the Department of Education has drafted a memo that seeks to assert the federal government as the sole regulatory authority.