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California is getting closer to passing a ‘student-loan borrower bill of rights’

For decades, Max Soucia has been trying to stay current on his student loans.

Since he graduated with his master’s degree in divinity in 1993, Soucia, 72, has been in touch on and off with the various student-loan companies hired by the government to manage his debt.

Despite taking steps on several occasions to understand his options, Soucia’s loan balance ballooned from the $40,000 he initially borrowed to roughly $300,000. He defaulted on his loans and now the government is garnishing 15% of the $900 a month he receives in Social Security benefits to pay back the loans.

Late Wednesday, a ‘student-loan borrower bill of rights’ moved one step to becoming law after it passed the state Senate’s Banking Committee.

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