John,

Students attend colleges and universities to advance their lives and build the skills necessary to give back to their communities. The last thing they should be looking forward to upon graduation is crippling debt. Yet, too often that's exactly what happens - and sometimes the debt gets worse, not better!

Outstanding education-related debt surpassed $18 billion last year in Oregon alone, which puts the load of the average borrower over $27,000.

Upon graduation (or when they leave school) students almost immediately have to deal with their new "worst friend" - their loan servicing company! Often they have to make important financial decisions based on little, or worse, inaccurate information from their servicer. In the meantime, lives are placed on hold.

Last week I testified before our lawmakers in favor of a proposed bill that will move the state in the right direction to actually help these young people move on with their lives.

If passed, this bill will:

1. Require loan servicers to apply for and receive licenses from the Department of Consumer and Business Services before doing business;
2. Allow greater accountability and transparency;
3. Better protect student loan debtors from deceptive, dishonest, or fraudulent practices by loan servicers.

Our legislators have a lot on their plates during this short session, so we need to speak up and make our voices heard. Thank you for doing your part.

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Ellen


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