NJ Congressman Wants Changes in Bank Student Loan Rules

by KYW’s David Madden

A bill making its way through Congress could require banks to be more up front with the student loans they offer — a change being prompted by the plight of one South Jersey family.

When the Bryskis of Marlton, NJ lost their son Christopher to a freak accident a few years ago, little did they know the grief to come. The parents were co-signers on their son’s college loan, and the bank wanted its money.

Mind you, had Uncle Sam footed the bill the loan would have been forgiven.

The parents wrote their congressman, John Adler, who has penned a bill to address the issue.  Adler says his proposed legislation would give parents a clearer heads-up:

“It’s disclosed to the person taking out the loan that, in the event of a death or disability that renders them unable to fulfill it themselves, that the family would be obliged to pay the loan.”

Adler figures the measure should clear the House this fall and hopes the legislation may prod some banks to offer the same forgiveness policy offered by the government.

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