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

Recent changes in Wisconsin student loan law have had an impact on the repayment process. In 2019, Governor Tony Evers signed the Student Loan Borrower Bill of Rights, providing various protections for student loan borrowers in the state. This law, among other things, created protections for students against defaulting on their loans, including measures such as requiring the state to inform borrowers at least 45 days prior to initiating court proceedings for defaulted loans. Additionally, the law established guidelines for student loan servicers regarding the disclosure of information to borrowers. This ensures that borrowers receive accurate and timely information regarding their loans, enabling them to make informed decisions about their repayment plans. Another change implemented under the law placed limits on the fees servicers can charge for repayment options. These restrictions can make it easier for borrowers to budget for and make their loan payments. The Student Loan Borrower Bill of Rights has created various protections and resources for student loan borrowers in Wisconsin, resulting in more secure repayment options. For instance, the law created a Student Loan Ombudsman who can assist borrowers in managing their loans. This gives borrowers additional support and ensures that they understand their legal rights and have access to the resources they need to successfully manage their student loans.

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

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