FRANKFORT, Ky. (WDKY) – A Kentucky State representative wants better transparency when students borrow money to go to college.
Representative Patti Minter, D-Bowling Green, is the author of House Bill 239, also called the Student Loan Borrower Bill of Rights.
HB 239 would tackle predatory lending from loan services by banning deceptive practices and increasing oversight of what the borrower is getting into before they take that loan.
“I think a little bit of transparency and sunlight in any loan process create a better financial deal so that people don’t say later on I didn’t know what I was getting into,” Minter said.
Another idea is to have a state-level ombudsman who can mediate an issue between the borrower and the student loan agency. Minter says right now there is no one in the state that can regulate these actions and the terms are not favorable.