The Consumer Financial Protection Bureau formally announced Tuesday that it will explore new regulations on student loan servicing companies, calling for changes in an industry it says is bedeviled by widespread failures that are harming borrowers.
Officials at the consumer agency issued a new report that outlines some of those problems, which include poor customer service, surprise fees and a lack of assistance for borrowers struggling to make payments or enroll in income-based repayment programs.
The report draws on more than 30,000 comments the bureau received over the past several months as part of its public inquiry into the student loan servicing market. It follows years of growing scrutiny of student loan servicers, by the CFPB, other federal agencies, consumer groups and members of Congress.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2015/09/30/consumer-financial-protection-bureau-eyes-new-rules-student-loan-servicers