HB 6244 Summary

• Establishes the "Student Loan Ombudsman Act" creating a designated state employee position within the Department of Insurance and Financial Services to assist Michigan student loan borrowers.

• Ombudsman duties include receiving and resolving student loan borrower complaints, analyzing complaint data, educating borrowers on their rights and responsibilities, and monitoring student loan laws and policies.

• Ombudsman must ensure student loan borrowers have access to affordable education, repayment resources, quality customer service, and fair treatment from lenders and servicers.

• Director must establish a borrower education program within 180 days including materials on loan terms, payment obligations, income-based repayment options, and loan forgiveness programs.

• Within 1 year, ombudsman and state treasurer representative must study and report to legislature on whether Michigan should return to providing state student loans and what refinancing authority the ombudsman should have.