Federal banking regulators issue bulletin on new student loan program

PICTURED IS THE Treasury Building in Washington, D.C. The Treasury Department said Section 602 programs from federal legislation signed last spring by President Donald Trump allow banks to restructure private student loans, but consumer groups are concerned it may create pitfalls for borrowers. / BLOOMBERG FILE PHOTO/ANDREW HARRER
PROVIDENCE – The Treasury Department has issued a bulletin to banks and other financial institutions apprising them of new legislation that allows them to create programs for borrowers to “rehabilitate” their private education loans under certain conditions. The changes are covered under Section 602 of the federal Economic Growth, Regulatory Relief, and Consumer Protection Act,…

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