How have recent changes in the law affected student loan repayment?

Recent changes in the law have had a significant impact on student loan repayment in California. The Student Loan Servicing Act of 2017 went into effect in 2018, creating new consumer protections for borrowers. Among other protections, the Act requires servicers to provide detailed information about repayment options and it limits the amount of fees charged to borrowers. Additionally, the law permits borrowers to refinance their student loans without penalty. The Student Loan Borrowers Bill of Rights came into effect in 2019, providing new consumer protections and rights for borrowers in California. The Bill of Rights provides borrowers with the right to receive information about their loan balance and repayment options, to dispute incorrect loan information, and to contest fees charged by servicers. It also gives borrowers the right to have their loan serviced in their native language. Furthermore, the Student Loan Rights Act of 2019 went into effect in 2020, providing borrowers even more protections. The Act places limitations on fees, requires loan servicers to provide more detailed information, and extends the period in which borrowers can refinance. Additionally, it allows borrowers to set up payment plans that are based on their income. Overall, the recent changes in the law have had a positive impact on student loan repayment in California. These changes provide more consumer protections and rights for borrowers, and ensure that borrowers are better informed about their loan balance and repayment options.

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How have recent changes in the law affected student loan repayment?

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