MI HB6446

Establishes the "Student Loan Ombudsman Act" and creates a student loan ombudsman position within the Department of Insurance and Financial Services to provide assistance to student loan borrowers.

Designates the ombudsman to ensure student loan borrowers have access to quality, affordable education, resources to pay for college, affordable repayment plans, and quality customer service.

Requires the ombudsman to receive and resolve borrower complaints in collaboration with higher education institutions, student loan servicers, and other lending participants; compile complaint data; and educate borrowers about their rights and responsibilities.

Mandates the ombudsman establish a borrower education program within 180 days covering loan terms, documentation requirements, monthly payments, income-based repayment options, loan forgiveness, and disclosure requirements.

Requires a joint report to the legislature within 1 year with recommendations on whether Michigan should return to providing state student loans and what authority the ombudsman should have to refinance or modify loans; act takes effect 90 days after enactment and is contingent on passage of HB 6448.