As you research private student loans to supplement the federal loans and aid you've received, you might be wondering what steps the government has taken to protect your rights as a borrower. In fact, you'll find the federal government is consistently working on new student loan laws and regulations to ensure responsible lending practices among all lenders. The federal government has always required student loan lenders to exercise the same responsibility, equal access and fairness it requires of every financial institution that lends money to the public. Because of this commitment to student borrowers, the government continuously reevaluates laws and regulations around student loans to ensure that borrowers are protected. You can learn more about how these student loan laws and regulations impact you as a borrower in this guide from Citizens Bank.
The federal government continuously passes new student loan laws (and refines existing legislation) in order to ensure all borrowers are subject to fair lending practices. These student loan laws and regulations are designed to do the following:
For more details on how federal laws and regulations govern student loans, talk to the financial aid office of the institution you're attending or considering attending.
As a preferred lender at many institutions, Citizens Bank has a history of consistently providing high-quality service and competitive products designed with borrowers' best interests in mind. The Citizens Bank Student Loan™ and the Citizens Bank Student Loan™ for Parents are two options featuring competitive interest rates, flexible repayment plans and a variety of terms for borrowers to choose from. If you're interested in learning more about either loan or have questions about how Citizens Bank ensures our offerings are aligned with all federal student loan laws and regulations, contact a Student Lending Specialist today.