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.
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.
This past Thursday March 27th, 2014 the Obama administration received a grilling by U.S lawmakers on the government's decision to renew a contract with SLM Corp, the
infamous student loan servicing company better known as Sallie Mae, which happens to be the subject of numerous government investigations.
The document claims that the federal government can pre-empt state laws that rein in
student loan servicing companies if such a law «undermines uniform administration of» the student loan program.
The Obama administration aimed to change the
way student loan servicing companies collected payments by requesting that the government's Federal Student Aid office do more to help borrowers manage, or even dismiss, student loan debt.
At the start of the New Year, the CFPB charged Navient, the nation's
largest student loan servicing company in the country, with cheating borrowers out of billions of dollars by creating obstacles to paying back loans, resulting in higher interest rates and balances.
Navient, the largest
student loan servicing company in the U.S., reported fourth quarter earnings last week that fell short of Wall Street's expectations and was lower on a year - over-year basis, hurt by reduced net interest income and higher costs.For the fourth quarter of 2016, Navient said net income came in at $ 129 million, which is -LSB-...]
The first step in avoiding default is to call
your student loan servicing company and discuss various payment plans.2 You might find that you qualify for an income - based repayment plan or a «pay as you earn» plan.
Currently, there are 10
student loan servicing companies that manage student loan repayment and act as a liaison between borrower and lender.
CEO of student loan servicing giant Navient, Jack Remondi, defended the company's practices in a long ranging interview with the Washington Post on Monday, a few days after the Consumer Financial Protection Bureau launched a lawsuit against the nation's largest
student loan servicing company.
If you're still not getting anywhere, you can file a complaint about
your student loans servicing company to try to get the ball rolling.
The goal is simply to make it easy for
your student loan servicing company to send you your statements, so you never miss a payment on accident.
In January, the CFPB sued Navient, the country's largest
student loan servicing company, alleging that the company has «systematically and illegally» failed borrowers.
Navient, the largest
student loan servicing company, is aiming to improve customer experience with the launch of Navient Labs, which will test digital ideas and technology based on the feedback from surveys of student loan borrowers, focus groups, and usability testing.In Wednesday's press release announcing the new initiative, Navient said the ideas that come out -LSB-...]
How would you rate the performance of
your student loan servicing company?
Yesterday, Washington State Attorney General Bob Ferguson filed a lawsuit against Navient, the country's largest
student loan servicing company, and announced legislation for Student Loan Bill of Rights legislation, according to a press release from the Attorney General's office.
Navient, the largest
student loan servicing company, is aiming to improve customer experience with the launch of Navient Labs, which will test digital ideas and technology based on the feedback from surveys of student loan borrowers, focus groups, and usability testing.
As
a student loan servicing company, Heartland ECSI will work with most types of student loans, providing customer service and assisting borrowers with repayment options as they pay back their student loans.
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Navient, the country's largest
student loan servicing company, alleging that it has «systematically and illegally» failed borrowers.
These are student loans that are typically handled by the Department of Education or one of
the student loan servicing companies.
But even the Consumer Financial Protection Bureau is disgusted with the level of service
the student loan service companies deliver.
How would you rate your overall relationship with Navient as
your student loan servicing company?
Nelnet is one of the nation's largest
student loan servicing companies.
FedLoan Servicing is
a student loan servicing company contracted by the Department of Education to handle their student loans.
When your loans go into default, they typically transfer over from
a student loan servicing company to a collection agency.