NEWPORT NEWS, Va. (WVEC) -- Student loans can be hard to navigate, but Friday Governor Northam signed House Bill 1138 into law which will make it easier for students to understand the repayment process.
Delegate Marcia Price originally introduced the bill.
“Virginia borrowers from Virginia student loans can go get information, get an education, and refreshed on the rules of repayment, and also be able to get some help if there are any complaints or disputes,” said Price.
Price said the bill establishes the Office of the Qualified Education Loan Ombudsman, where counselors won’t have an agenda. Borrowers can talk with counselors about what the best repayment plan is for them.
“Not making money off of you, so it is really unbiased information, and kind of help you weigh out which repayment option is best for you, and your financial security,” said Price.
ODU rising junior Alexia Allen wants to try it out.
“Pretty sure I would most definitely use it because it seems like they give you all the information you need to understand and to help you better with the loans,” said Alexia.
Her sister Alexis recognizes the cost of school.
“I think okay I have to pay for this class, so I need to make sure that I can like go through the full semester and pass it or it’s like I wasted all that money,” said Alexis.
As for Price, she said the goal is the future for all borrowers.
“But it’s also important for the next generation that we establish more fair practices before they sign for their loans. But then also, we’re hearing from baby boomers who are still paying for their loans, so this bill is actually for a wide range, and multi-generational,” said Price.
The new office will also create a course curriculum on taking out student loans and paying them back which should be available in December 2019.
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