Help us tell your State Rep and Senator that CT Student Borrowers need a Student Loan Ombudsman + A Private Student Lender Registry! Add your name!

[Cristher Estrada-Perez]

Nearly half a million Connecticut student borrowers and their families owe $18.9 billion in student loans, with an average student debt of $40,086 per person. This number is much higher among borrowers of color. $18.9 billion puts CT fifth in the nation for its residents' student debt.

As a high-debt state, CT needs resources and support to navigate the predatory maze of private lenders and federal student debt repayment.

Although CT was the first state in the nation to pass the Student Borrower Bill of Rights in 2014, we have failed to make its promises a reality. Specifically, CT does not fund a Student Loan Ombudsman or implement a student loan private lender registry to protect borrowers.

Private student loans make up 8% of outstanding student debt and are much more expensive and risky financial products, but they are primarily regulated state by state. In CT, as with most states, these lenders fly under the regulatory radar. In CT, you don't need a license if you aren't making loans above 12% APR and most private student loans are below 12% APR.

The Student Loan Ombudsman's Office provides student loan borrowers with critical legal protections. It gives borrowers a place to go for assistance if they suspect their student loan servicer has mistreated them and acts as a resource for student borrowers.

Add Your Name Here!