Middle-class families dealing with student loans will now have an advocate to assist student loan borrowers and help resolve disputes with student loan services.
Middle-class families dealing with student loans will now have an advocate to assist student loan borrowers and help resolve disputes with student loan services under a bipartisan law sponsored by Sen. Chris Brown. (SenateNJ.com)
Under a bipartisan law sponsored by State Senator Chris Brown to help middle-class families with student loan debt, the New Jersey Department of Banking and Insurance (DOBI) designated a Student Loan Ombudsman within the department.
“The core of the American dream is every parent’s hope to see their children do better than they did, and college is the path to making that dream a reality,” Brown said. “However, the cost of college and the fear of being straddled with debt has led many middle-class families to see college as a mirage, not a dream.”
Brown’s law established an Office of Student Loan Ombudsman to help educate families about student loans and borrowing, advocate on behalf of student loan borrowers in resolving disputes, and protect borrowers from loan services producers who may be defrauding or misleading borrowers.
“With the cost of college skyrocketing over the last decade, now more than ever eager students and their families need to be aware of the costs of paying for college so they are not blindsided by their loan payments or taken advantage of by unscrupulous loan producers,” said Brown.
Information on student loans, how to file a complaint with the department, and the new law may be found on the DOBI website.
Student loan borrowers who are having issues with their student loans they are unable to resolve with their student loan servicers, can file a complaint with the Department of Banking and Insurance by calling 1-800-446-7467 or online by going to the department website and clicking on Consumer Assistance – Inquiries/Complaints and completing the Banking Formal Complaint form.