The Student Borrower Protection Center, National Consumer Law Center, Student Debt Crisis Center, and Center for Responsible Lending wrote to the Education Finance Council, National Council of Higher Education Resources, and Student Loan Servicing Alliance regarding recently announced to income-driven repayment.
As the letter discusses, the Department of Education recently set out to fix longstanding failures in the management of income-driven repayment. Implementation of these changes will require successful action by the student loan industry to deliver borrowers their rights under the law. However, as the letter outlines, advocates fear based on past failures and recent finger-pointing that student loan companies may not be up to the task. The advocates warn that they intend to vigilantly monitor student loan companies’ progress in implementing changes to IDR.
Read the letter: Letter to student loan industry organizations
Read the press release: Student Loan Industry Failure Could Jeopardize Help for Millions of Low-Income Borrowers