There may be even more student loan servicing changes coming and it couldn’t be happening at a worse time, as many struggle to navigate repayment and loan forgiveness.
The Department of Education announced Friday it will send out “secret shoppers” to student loan providers to ensure that borrowers get proper service and hold the companies accountable. The newly-announced accountability framework also includes increased monitoring of loan servicer interactions with borrowers, including listening in on customer service calls and tracking record keeping. “The Biden-Harris…
The Department of Education announced Monday that it is withholding millions of dollars in payment to the student loan servicer Missouri Higher Education Loan Authority (MOHELA) over billing statement errors it made. The department said MOHELA “failed to meet its basic obligation” of getting the statements out in a reasonable timeframe, resulting in 2.5 million…