House Bill 1169

Columbia Legal Services partnered with consumer and student advocates to change collection laws for private student loans. The Student Opportunity, Assistance, and Relief for Student Loans (SOAR) Act helped rein in collection laws related to private student loans. It reduces the 12% interest rate after a collection judgment, the highest in the country, to two percentage points above the prime rate. It also helps limit the amount of money that can be garnished from a person’s wages or bank accounts due to collection actions related to private student loans.