Protect Private Student Loan Borrowers

Take Action to Protect Private Student Loan Borrowers in NJ!

Private loans typically cost more and lack the basic protections federal student loans offer, leading low-income borrowers to default and risk collection lawsuits.

A quarter million New Jerseyans owe more than $9 billion in college debt to private lenders, yet they remain unprotected from predatory lending practices.

A1576/S1974 would require private education lenders to register with the Department of Banking and Insurance and the Nationwide Multi-State Licensing System and Registry and enhance protections for borrowers and cosigners.

Unfortunately the bill has languished in the Assembly and Senate and private student loan borrowers continue to remain vulnerable to predatory lenders.

Take action now and urge your Legislators to move A1576/S1974 through Assembly and Senate hearings so private loan borrowers can receive their long-overdue protections!