There is a lot of uncertainty ahead for student borrowers, with scheduled loan reimbursements to restart in October and two loan administrators who advertise their federal contracts will end at the end of the year. That means that now is the perfect time to clean the blackboard and start starting, let's say those frustrated with the administration of the student loan system.

The need to take advantage of "rare opportunity for a new beginning" was a common theme of comments made by legislators and witnesses during an audience of Subcommittee on Subcommittee on Banking of Senate, Housing and Affairs Urbanos held on Tuesday for the protection of students' borrowers. Senator Elizabeth Warren, a Massachusetts Democrat, who is president of the economic policy subcommittee, said in the opening comments that with the student loan program at a crossroads, it must be rebuilt to work on the best interests of the borrowers .

"This is our best opportunity in the years to build strong guards in student loan service contracts and celebrate responsible student loan administrators if they serve things," said Warren. "It is also the possibility of solving the public service loan forgiveness to ensure that our workers public servants obtain the relief that our nation promised them." "

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  • that they require administrators to provide accurate and timely information about payment and eligibility plans driven by revenue for public service loan forgiveness.
  • Require that administrators act in the best interests of borrowers.
  • Impose robust quality assurance measures.
  • Mechanisms for implementation of borrowers to appeal service actions.
  • that requires timely processing of the borrower's presentations.
  • penalizing administrators who violate state and federal consumer protection laws, including to reallocate the federal student loan portfolio to other administrators.

    In addition, there must be a federal norm that requires administrators to provide borrowers with their payment history, said Persis Yu, Director of the Student Loan Assistance Project at the National Consumer Law Center.

    Now it is also a good time for the administration to "Restore the PSLF Promise" - before ResuC student loan payments, said Randi Weingarten, president of the American Federation of Teachers. googleg.cmd.push (function () googleg.display ("dfp-ad-article_in_article");) Do you want to announce? Click here

    "Most members of the AFT are eligible for the forgiveness of the public service loan, but after three and a half years, the Department of Education is still rejecting 98 percent of applications and It has almost 150,000 requests for PSLF in the recoil "

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