MN HF1243

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

Advocate must receive, review, and resolve borrower complaints in collaboration with higher education institutions, loan servicers, and other lenders, and compile data on complaints received.

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 review complete student loan histories for borrowers with written consent and increase public awareness of advocacy services.

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