The National Direct Student Loan Coalition (the Coalition) and National Association of Student Financial Aid Administrators (NASFAA) Servicing Issues Task Force was convened by the NASFAA Board of Directors and the Executive Board of the Coalition to deliver a report to the Department of Education and other relevant agencies, containing recommendations for improving federal student loan servicing, clearly indicating (1) areas of deficiency in loan servicing, (2) the extent (how widespread) of those deficiencies, and (3) proposed solutions. The task force comprised a geographically diverse group of NASFAA and Coalition members from all types of postsecondary institutions, including members representing graduate and professional institutions. The Coalition Executive Board and NASFAA Board of Directors voted to approve the recommendations in January of 2015.
The guiding principles of the Servicing Issues Task Force included a review of the current loan servicing landscape with special attention given to:
Based on the research and discussions, the task force developed six recommendations, divided into two broad areas of focus:
The Department of Education should develop a policies and procedures manual for servicing
Publication Date: 2/4/2015