And the Majority Focus on Issues Outside a Servicer’s Control
Recent media coverage, court cases, and legislative proposals paint a very misleading picture of student loans – often suggesting that borrowers are increasingly unhappy with their loan servicers. However, independent, federal regulatory data clearly debunks the student loan myths perpetuated by the media and others.
CFPB data has been incorrectly used to overstate student loan servicing complaints by defining any complaint about student loans as a servicing issue. This is clearly not the case. These misleading categorizations have led detractors to unfairly and repeatedly attack loan servicers. This had led policymakers to ignore their vital role in improving the design of the federal student loan program, which makes nearly 90% of all student loans. We need student loan servicers to better support the needs of the millions of Americans who rely on student loans to help secure their future.