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NASFAA Mention: Watchdog Slams Education Department Oversight of Student Loan Companies

"Education Department officials frequently uncovered problems with companies that collect student loans but rarely held the businesses accountable for failing to meet federal standards, the agency’s internal watchdog reported Thursday," POLITICO reports.

"... A group representing student financial aid officers said on Thursday that the report highlighted the need to make 'organizational and structural' changes to the department's Office of Federal Student Aid as Congress considers reauthorizing the Higher Education Act.

Justin Draeger, president of the National Association of Student Financial Aid Administrators, said that the inspector general's findings were 'disconcerting for borrowers and taxpayers.'

'Improper oversight creates an environment that normalizes subpar customer service of an already confusing and frustrating process for too many borrowers,' he said."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 2/14/2019

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NASFAA Mention: Watchdog Slams Education Department Oversight of Student Loan Companies

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