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New Legislation Protects Student Borrowers & Holds Loan Industry Accountable

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.

In response to today’s bill passage, Kristin McGuire, Western Regional Director for Young Invincibles, issued the following statement:

“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.

We commend California lawmakers for moving in the right direction and dedicating a select committee to tackling the state’s student debt problem. We must continue working together to ensure that the needs of young people are represented as we find real, long-term solutions to this mounting crisis.”