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Maine joins other states, passes ‘Student Loan Bill of Rights’

Maine has passed a “Student Loan Bill of Rights” to license and regulate student loan servicers.

The bill helps provide student loan relief from predatory loan servicers.

Since 2003, outstanding debt has grown more than 500 percent, ballooning to a total of $1.5 trillion and rising, according to New York Fed data.

So far around a dozen states have passed similar laws. The bill goes into effect in September.

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