Yesterday evening, the California Assembly passed AB 376, the Student Borrower Bill of Rights. If signed into law, AB 376 would tighten restrictions on the student loan industry, hold lenders accountable for dishonest practices, and ensure borrowers have strong, actionable protections against being defrauded or misinformed.
“At a time when student debt has reached $133 billion in California — disproportionately affecting students of color and from low-income backgrounds — it’s crucial that we create protections for the borrowers who carry the financial burden of this crisis. We know that a college degree is as valuable as ever, and this law would help ensure every young Californian gets the information they need to make the best choice for themselves and their financial future.