MN HF3063

Commissioner of Commerce must designate a student loan advocate within the Department of Commerce to provide timely assistance to borrowers.

Advocate must receive, review, and attempt to resolve borrower complaints in collaboration with higher education institutions, student loan servicers, and other lending participants.

Advocate must establish and maintain a borrower education course covering student loan terminology, documentation requirements, payment obligations, income-based repayment options, loan forgiveness programs, and disclosure requirements.

Advocate must compile complaint data, help borrowers understand loan rights and responsibilities, provide information to public and state agencies, and monitor federal and state laws relating to student lending.

Advocate must report to legislative committees with commerce and higher education jurisdiction by January 15 of each odd-numbered year describing implementation, outcomes achieved, and recommendations to improve student loan servicer regulation.