For Sarah, streamlining student loan repayment for easy
access to affordable repayment plans is critical. Sarah teaches second grade in
Minnesota, and works to ensure that all her students have hope for their
futures and “know that the possibilities are endless for them.” After paying
her monthly loan balance, she lives paycheck-to-paycheck. Public service loan
forgiveness options are available to help make debt more manageable and
affordable, but many teachers like Sarah struggle to learn about whether or not
they qualify. The Obama Administration knows that families across the country
are working hard to pay off their loans. This Administration wants to ensure
that students do not have to choose between a job that serves their communities
and paying their debt, and that borrowers like Sarah do not struggle to
navigate student loan repayment. That’s why the US Department of Education is
taking steps to reinvent customer service for federal student loan borrowers to
ensure that every borrower has the right to an affordable repayment plan like
Pay As You Earn (PAYE), quality customer service, reliable information, and
fair treatment as they repay their loans – objectives the President put forward
in his Student Aid Bill of Rights.
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Since the President’s announcement, the Department has
worked in partnership with the U.S. Department of the Treasury and the Consumer
Financial Protection Bureau, as well as with students, colleges and
universities, higher education and loan experts to identify and incorporate best
practices for supporting the more than 40 million Americans with student loans.
We’ve moved to identify and protect federal student loan borrowers who may be
eligible to have their loans forgiven under the Total and Permanent Disability
loan discharge program. Last October, we released a report outlining a series
of statutory, regulatory, and administrative recommendations to safeguard
student borrowers. In December, we announced the results of a pilot program
intended to reach and provide assistance to seriously delinquent borrowers. We
also published new quarterly data updates on Private Collection Agency
performance and implemented a new set of student loan statement disclosures to
provide clear and direct information to borrowers. And while the majority of
federal student loan borrowers continue to successfully repay their student
loans, there are still too many borrowers who are struggling, or who may be at
risk of defaulting on their loans, and the Department is focused on making sure
they are well-supported in repayment.
A streamlined borrower experience via a single web portal
through which all borrowers can find the latest information about their loans,
make payments and apply for benefits–eliminating the need to know the name of
their servicer.
Better customer service practices that will be common for
all borrowers and that meet high standards to ensure borrowers’ needs are met
consistently, regardless of what contractor is providing that customer service.
Reduced, and, to the extent practical, eliminated loan
transfers and other borrower disruptions that can make it hard for borrowers to
keep current with their loan payments and seek help when they need it.
Enhanced oversight and accountability that will ensure that
borrowers are treated fairly and given clear, actionable information at every step
of the repayment process, including enhanced customer service practices and a
new complaint system to empower borrowers when something is not right.
A single platform for all Federal student loans allowing for
a more seamless connection for future customer service centers.
This system will lay the foundation for forthcoming contract
actions to acquire additional customer service centers.
In the coming weeks, as we design the contours of this new
system, we want to hear from borrowers, experts, and others about their
experiences with Education loan
repayment and will be identifying opportunities for us to hear from you. Stay
tuned.
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