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This legislation would create an “Office of the Student Loan Ombudsman” within the Department of Higher Education. The office will:
This legislation creates a rigorous application process for student loan servicers in the state of Missouri, and allows the Missouri Department of Higher Education to investigate student loan servicers.
Legislation: HB 1429
Fiscal Impact: Unknown
Progress in prior session: Referred to Higher Education Committee
States with Similar Legislation: CO, DC, IL, ME, MD, MI, NY, NV, VA, WA
There is a Federal Student Loan Ombudsman through the U.S. Department of Education that handles Federal Student Loans. There is also a Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman that handles private student loans. There is not currently an office dedicated to help Missouri students with loan borrowing, refinancing, etc. There are resources on the Missouri Department of Higher Education Website for student loan borrowers, but the education around student loans needs to be expanded substantially.