Senator Peters Targets Student Loans

Michigan’s junior US Senator is introducing legislation he says will help private student loan borrowers rehabilitate defaulted loans.

US Senator Gary Peters says the bill enables a borrower who has defaulted on a private loan, to have the default notice removed from their credit report, if they can make nine straight payments on time.

The ability to delete the default record already exists with government-backed loans.

Peters, a Michigan Democrat, says he has bi-partisan support.

The bill, to be introduced soon, is titled “The Federal Adjustment in Reporting (FAIR) Student Credit Act.”