This effort is meant ensure that student loan borrowers are protected from practices by
student loan servicing companies during the repayment process that can lead to deeper debt.
This failure of enforcement should signal an area of concern for anyone developing a system for oversight
of student loan servicing.
When you take out a federal student loan, the government passes off billing and other administrative services to a
private student loans servicing company, also known as a loans servicer.
So if the
largest student loan servicing company in the nation isn't concerned with helping those with student loan debt, then who can these borrowers rely on?
If you're not sure whether you can trust a company that contacts you, refer to this list of trusted companies that work with ED to
provide student loan services.
In the next few weeks, we encourage you to check back for more information about our work to
strengthen student loan servicing and to hear the experiences of others with student debt.
Most student loan servicing companies are tailored to mainly service federal student loans, where infrastructure and technology requirements can sometimes restrict their potential.
Student loan servicing from a nationally recognized nonprofit provider with 24/7 online account access and expert loan counseling from application to final payment.
The job of a
fed student loan servicing company goes well beyond just sending out a bill every month; the company also provides services, resources and assistance to its clients.
For too
long student loan servicing has been the Wild West for borrowers, with little hope of consistency, accuracy, or accountability.
In addition to checks and money orders, most
student loan services accept online payments, smartphone payments, phone payments and direct debit payments.
And we've been doing more to
improve student loan servicing and protect borrowers so they receive the treatment and respect they deserve, regardless of the type of loan they have.
In October 2012, the Consumer Financial Protection Bureau (CFPB) issued a report about problems with
student loan servicing for military service members.
By Drew Kessler The Consumer Financial Protection Bureau (CFPB) has published a detailed report based on the results of its public inquiry
on student loan servicing practices.
Warren wrote, «Navient should be focused on and investing in improving its abysmal
student loan servicing operations, not lobbying Congress and the administration in search of sweetheart deals.»
As a coalition of over 200 civil rights, consumer, labor, business, investor, faith - based, and civic and community groups, Americans for Financial Reform supports the Department of Education's announcement last month of a new competition for
student loan servicing contracts.
Over five million federal and private student loans in the US and Canada are managed by
Nelnet student loans servicing company.Nelnet Business Solutions operates through several huge companies such as inTuition, infiNet, LoanSTAR, and Payment... [Read more...] about Nelnet Student Loans Review
In a press release Friday (May 19), Education Secretary DeVos said the federal
student loan servicing solicitation under Obama's White House was «cumbersome and confusing — with shifting deadlines, changing requirements and de-facto regulations that at times contradicted themselves.
Any student debtor that received a private student loan from Sallie Mae or had their federal or private
student loans serviced through Navient and experienced repayment issues has a stake in the outcome of this lawsuit.
Students who are struggling with their repayments can contact the National
Student Loans Service Centre to find out about any financial assistance that may qualify for.
Reunion Student Loan Services originates and services private student loans in addition to offering refinancing and consolidation for existing loans as a subset of Reunion Financial Services Corporation.
Earlier this year, the Bureau revealed that more than 8 million borrowers were in default on more than $ 110 billion in student loans, a problem that may be driven by breakdowns
in student loan servicing.