Ending Forced Arbitration for Private Student Loans
This act aims to protect students with private education loans. It prohibits lenders from using clauses that force disputes out of court or prevent class-action lawsuits. This gives students easier access to the courts if they encounter problems with their loans.
Key points
No more forced arbitration: Lenders cannot require students to resolve private education loan disputes outside of court.
Ability to join lawsuits: Students can now team up in class-action lawsuits against lenders, increasing their chances for a fair resolution.
Courts decide disputes: Any questions about the validity of arbitration agreements will be decided by a court, not an arbitrator.
Increased protection for students: The act strengthens student rights in disputes with private education lenders.
Expired
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