Student Loan Servicing Analyses of Practices and Reform Recommendations |
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| Author:
| Adkins, Carly |
| Series title: | Financial Institutions and Services Ser. |
| ISBN: | 978-1-63484-568-7 |
| Publication Date: | Jan 2016 |
| Publisher: | Nova Science Publishers, Incorporated
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| Book Format: | Ebook |
| List Price: | USD $120.00 |
Book Description:
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Student loans make up the nation's second largest consumer debt market, surpassing all other categories of consumer debt aside from mortgages. Servicers are a critical link between borrowers and lenders. They manage borrowers' accounts, process monthly payments, and communicate directly with borrowers. The servicer is often different than the lender, and a borrower typically has no control over which company services a loan. Regrettably, widespread servicing failures are being reported...
More DescriptionStudent loans make up the nation's second largest consumer debt market, surpassing all other categories of consumer debt aside from mortgages. Servicers are a critical link between borrowers and lenders. They manage borrowers' accounts, process monthly payments, and communicate directly with borrowers. The servicer is often different than the lender, and a borrower typically has no control over which company services a loan. Regrettably, widespread servicing failures are being reported by both federal and private student loan borrowers. This book reviews and discusses public comments submitted in response to a request for information regarding student loan servicing by the Consumer Financial Protection Bureau. It includes recommendations for policymakers and market participants to improve borrower outcomes and reduce defaults, offering a roadmap for student loan servicing reform. This book also identifies a range of challenging issues for servicemembers with student loans.