Student-loan servicers, which have been criticized by consumer advocates and federal regulators alike, are facing scrutiny from a new group: financial-aid administrators.
In a statement issued on Tuesday, the National Association of Student Financial Aid Administrators and the National Direct Student Loan Coalition announced that they were forming a task force on servicing issues.
The 10-member task force will focus on improving the Department of Education’s servicing contracts and ensuring consistency in servicer practices. Early next year, the group will release a report detailing differences in practices among the department’s servicers, along with recommendations to the department on improving student-loan servicing.
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