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New Federal Report: Student Loan Servicers Often Harm Borrowers Seeking Public Service Loan Forgiveness

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Student loan servicers often harm borrowers seeking public service loan forgiveness

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A new report from the federal Consumer Financial Protection Bureau found that student loan servicers have engaged in systematic mismanagement of a key student loan forgiveness program, often providing misinformation or misrepresenting the rights and options of borrowers. The CFPB, now under new leadership following the replacement of key Trump-era officials, has been reasserting itself as a key investigator and enforcer of consumer protection issues, including sloppy student loan servicing. The newreleased today highlights some of the significant, widely-documented problems with the Public Service Loan Forgiveness program.

Public Service Loan Forgiveness is a popular program that allows certain federal student loan borrowers to get their student loans forgiven by working in positions in government and nonprofit organizations for 10 years or more. While the PSLF program may appear to be fairly straightforward, its requirements are complicated, and the program has been plagued with problems for years.

 

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