August 15, 2019 Substantive Law

The Student Loan Market Is Broken: Preempting State Law Would Make It Worse

By Seth Frotman

Reprinted with permission from Administrative & Regulatory Law News, Spring 2019 (44:3), at 4-6. ©2019 by the American Bar Association.  Reprinted with permission.  All rights reserved.  This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

Student loan debt has reached record levels: nearly 45 million borrowers collectively owe more than $1.5 trillion. Much of the growth in the student loan market occurred in the years following the financial crisis—outstanding student debt has nearly tripled since 2008.

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