This memo details the authorities held by federal and state consumer protection agencies that can be used to address student loan servicers that are blocking millions of federal student loan borrowers from receiving debt cancellation granted by Congress. In particular, the memo discusses how servicers failing to explain the Income-Driven Repayment (IDR) Account Adjustment benefits and deadlines to borrowers with commercially held Federal Family Education Loan (FFEL) is in material omission in violation of consumer protection law.
Read the Memo: Material Omissions Related to the Income-Driven Repayment Account Adjustment
Read the Related Blog: Consumer Protection Agencies Must Ensure Student Loan Companies Inform Borrowers About Once-In-A-Lifetime Opportunity to Become Debt-Free