Senator Peters Issues Legislation To Help Those With Defaulted Student Loans

Senator Gary Peters, from Michigan, is introducing bipartisan legislation aimed at helping people with defaulted student loans.

Those with loans in default aren’t paying their bills on time.

The federal adjustment in reporting Student Credit Act, also known as fair, would help those recover from default.

After making nine months of, on time, loan payments, borrowers would get a fresh start.

9 & 10 spoke with Senator Peters about the bill today and why he believes it is so important.

“Unfortunately now when you go to school it is very difficult to leave without loans and loans continue. And it is certainly a burden on young adults in our community and often times when they first start they can stumble and miss payments and default and that default shouldn’t haunt them for the rest of their life.”

Senator Peters said he hopes to build support for the bill and have a committee hearing on it in the next few weeks.