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October 16, 2012 > Students to receive important information on private loans

Students to receive important information on private loans

Submitted By Andrew LaMar

Legislation by Senate Majority Leader Ellen M. Corbett (D-San Leandro) requiring colleges and universities to provide basic information about private loans to students, so they can make better decisions about financing their educations, has been signed into law by Governor Jerry Brown. The new law takes effect on January 1, 2013.

Responding to growing concern about rising student debt, Corbett authored Senate Bill 1289 to help students and their families assess the costs of borrowing for college and how to manage it. Corbett, who is a parent of a college student and attended college herself in California, said she has been alarmed to hear stories from constituents about the difficulty of paying for higher education and the tremendous burden of those who have to borrow heavily to do it.

Students are borrowing twice what they did a decade ago. The average debt of students who graduated in 2010 is $25,250. Federal and private student-loan debt is approaching $1 trillion and has surpassed both auto-loan and credit-card debt.

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