washington d.c.– Today, Rep. Haley Stevens (D-MI) with Congressman Alma Adams (D-NC) and Representatives Deborah Ross (D-NC) and Nikema Williams (D-GA)introduced the A clean slate by the consolidation law, a bill to remove default records from the credit history of federal student loan borrowers who have consolidated their defaulted loan. This legislation is in partnership with the Rep. Williams Student Loan Rehabilitation and Credit Improvement Act and the Clean Slate through Rep. Ross Repayment Act, both of which have already been introduced.
“I am proud to join my colleagues in introducing the Clean Slate Through Consolidation Act”, said Congresswoman Alma Adams (D-NC), founder and co-chair of the Congressional Bipartisan HBCU Caucus. “Student debt continues to be a serious obstacle for those who aspire to pursue higher education. It shouldn’t be like that. Education is synonymous with empowerment, and we must continue to pursue policies that empower students. »
“I’m proud to be part of this global effort to provide life-changing relief to our federal student loan borrowers.“, said Rep. Haley Stevens (D-MI). “Americans who pursue an education and make a good faith effort to repay their loans deserve a fair chance to restore their credit and participate in our economy. This legislation allows borrowers to get back on track and escape the lasting shadow of their student loan debt once and for all.
“I understand the massive student debt struggle because I live it“, said Representative Nikema Williams (D-GA). “I’ve heard of too many borrowers who have worked hard to recover defaulted loans to be held back by persistent negative credit reports. The Clean Slate Through Consolidation Act will provide a real second chance. As I continue to push for the cancellation of student debt, I am committed to finding solutions to ease the burden for everyone struggling with student debt.”
“The high cost of education in our country has created a unprecedented student debt crisis that has left many young Americans with crippling student loans,” said Rep. Deborah Ross (D-NC). “Overwhelmed by these loans and the poor credit history that comes with them, students find it difficult to achieve their goals, whether it’s buying a home, owning a car, or saving for the future. . I am pleased to join my colleagues in introducing this bill to ensure that students who complete loan consolidation are not burdened with bad credit for years to come. Together, the three bills we have introduced will remove some of the biggest barriers student borrowers face in pursuing the American dream.
“We commend Rep. Stevens for introducing the Clean Slate Through Consolidation Act, which proposes common sense reforms to ensure that student borrowers who resolve their default can move on with their financial lives.” – Michele Streeter, Associate Director of Policy and Advocacy, The Institute for College Access & Success (TICAS)
This legislation has been endorsed by the Center for Responsible Lending, the National Association of Student Financial Aid Administrators, the Institute for College Access & Success, and the American Federation of Teachers.