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Lawmakers Approve Oversight for Companies Servicing Student Loans

Friday, June 7, 2019

State lawmakers have again taken aim at the growing student-debt crisis in New Jersey, releasing a bill that former Gov. Chris Christie let die when he left office.

The Assembly Higher Education Committee on Thursday passed S-1149/A-455 which would establish a student-loan ombudsman within the state Department of Banking and Insurance (DOBI). It would give DOBI the power to enforce state standards on loan servicers who manage and collect student debt and to fine violators who give students conflicting, inconsistent or inaccurate information.