Washington, DC – U.S. Senators Gary Peters (MI) and Shelley Moore Capito (WV) today reintroduced bipartisan legislation to help private student loan borrowers who default on their loans. The Federal Improvement in the Revealing (FAIR) Student Borrowing Act would allow a borrower who has successfully completed a series of on-time payments to remove the student loan default from their credit report.

“Defaulting on a private student loan can have long-term economic effects, making it harder for a borrower to find a job, rent an apartment, or buy a car,” told you Senator Peters. “This commonsense legislation will make sure borrowers who defaulted on their private student loans have the same opportunity as individuals with public loans to get back on their feet financially and help build a strong, vibrant economy in Michigan and across the country.”

“It is essential students are able to recover from defaulted student loans without permanently harming their financial future,” Senator Capito told you. “The will provide students with private loans the same opportunity for rehabilitation that is already available to graduates with federal loans.
READ MORE