Washington, D.C.— Today, Congresswomen Deborah Ross (NC-02), Haley Stevens (MI-11), Nikema Williams (GA-05), and Alma Adams (NC-12) introduced the Clean Slate Through Consolidation Act, a bill to remove default records from the credit history of federal student loan borrowers who have consolidated their defaulted loan. This legislation is in partnership with Congresswoman Ross’ Clean Slate through Repayment Act and Congresswoman Williams’ Student Loan Rehabilitation and Credit Score Improvement Act, both of which have already been introduced.
“The high cost of education in our country has created an unprecedented student debt crisis that has left many young Americans with crippling student loans,” said Congresswoman Ross. “Burdened by these loans and the accompanying adverse credit history, students are having a hard time reaching their goals – whether it’s buying a home, owning a car, or saving for the future. I’m glad to join my colleagues in introducing this legislation to ensure students who complete loan consolidation are not burdened with bad credit for years to come. Together, the three bills we have introduced will remove some of the most substantial barriers student borrowers face in their pursuit of the American dream.”
“I am proud to be a part of this comprehensive effort to deliver life-changing relief for our federal student loan borrowers,” said Congresswoman Stevens. “Americans who pursue an education and make a good faith effort to pay off their loans deserve a fair chance to reestablish their credit and participate in our economy. This legislation empowers borrowers to get back on the right track and escape the lasting shadow of their student loan debt once and for all.”
“I understand the struggle of massive student debt because I’m living it,” said Congresswoman Williams. “I’ve heard from too many borrowers who have worked hard to recover from defaulted loans only to be held back by lingering negative credit reports. The Clean Slate Through Consolidation Act will provide a true second chance. As I continue to push for student debt cancellation, I’m committed to finding solutions to ease the burden for everyone grappling with student debt.”
“I am proud to be joining my colleagues in introducing the Clean Slate Through Consolidation Act,” said Congresswoman Adams. “Student debt continues to remain a serious impediment for those aspiring to pursue higher education. It shouldn’t have to be that way. Education is empowerment, and we should continue to pursue policies which empower students.”
This legislation has been endorsed by The Center for Responsible Lending, the National Association of Student Financial Aid Administrators, The Institute for College Access & Success, and the American Federation of Teachers.
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