Earlier this month, each other Kentucky and you may Virginia introduced significant statutes about student loan maintenance. Kentucky joined this new ever before-expanding range of states to pass through legislation regulating education loan servicing things if you are Virginia pared straight back the existing education loan maintenance laws.
Kentucky’s brand new Beginner Education loan Repair, Licensing, and you may Security Work away from 2022 (“KY Laws”) will need education loan servicers conducting business in the state so you’re able to see a licenses. New KY Rules also includes specific routine constraints. Instance, the KY Rules prohibits education loan servicers off, among other things, misrepresenting otherwise omitting people matter advice associated with next:
- Costs or money owed;
- Fine print of your mortgage arrangement or any modification so you can like agreement; or
- Supply of a course otherwise safety specific so you can armed forces borrowers, older individuals, consumers employed in public-service, otherwise individuals with disabilities. Continue reading “Just how to come back to university with defaulted college loans”