Durbin introducing student loan bill; Legislation would ensure borrowers understand repayment options

December 3, 2013 2:59:52 PM PST
Senator Dick Durbin is introducing a bill to protect students from being overwhelmed by loans.

"Many students are confused between the types of loans available. It's not until the bills start rolling in when they graduate sometimes 4 or 5 years later that they realize variable interest rates can eat 'em alive," Durbin said.

The bill would make sure student borrowers understand repayment options and would guarantee they are treated fairly by financial institutions.


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