QUORUMCALL//GPT:
STUDENT LOAN SERVICER ERRORS
A new report co-authored by Senators Markey, Warren, Blumenthal, and Van Hollen reveals an estimated $39 million worth of billing errors made by student loan servicers during the return to repayment process.
KEY FINDINGS
• The report, based on data provided by the Consumer Financial Protection Bureau (CFPB), found that student loan servicers made over $39 million in billing mistakes, impacting over 2.5 million borrowers.
• These errors include overcharges, misapplied payments, and incorrect interest calculations.
SENATORS’ RESPONSE
• The Senators are calling for immediate action to rectify these mistakes and protect student loan borrowers.
• They also advocate for legislation that holds student loan servicers accountable and prevents future errors.
TOPICS COVERED
#StudentLoans #ConsumerProtection
NOTE
This report is published on Senator Markey’s official website, highlighting his active role in uncovering and addressing issues related to student loan repayment.
