Senators seek steeper college penalties for student-loan defaults

12/20/2013 |

Colleges with a high rate of student-loan defaults would have to pay penalties -- proportional to the defaulted debt -- under proposed legislation being introduced by several Senate Democrats. The proposal is meant to increase schools' accountability for student-loan defaults, explained Sen. Jack Reed, D-R.I. "They will have to have skin in the game. They will have to make financial judgments based on how well-informed and how reliable their graduates are in terms of paying back their student loans," he said.

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