Develop a state-of-the-art – and simple – process for borrowers to file complaints involving their federal student aid, and working with a team across the federal government to figure out the best way to address those complaints.
Make sure the banks that service federal loans are held to high standards and provide better information to borrowers; and raising the bar for debt collection to make sure that fees charged to borrowers are reasonable and that collectors are fair, transparent, and help borrowers get back on track.
Use innovative strategies to improve borrowers’ experience and improve customer service. At the Department of Education, we are committed to finding new and better ways to communicate with student loan borrowers and to creating a centralized, easier process for repaying loans. And we will see what changes to regulations and legislation, including bankruptcy law, may be necessary to protect borrowers – regardless of the type of loan they have.
Work across the federal government to see what lessons can be learned from similar situations, like mortgage and credit card markets and other performance-based contracts, to help us make sure that ultimately, we are continually strengthening consumer protections for students.
It is our responsibility to make sure that the more than 40 million Americans with student loans are aware of resources to help them manage their debt, and that are doing everything we can to be responsive to their needs. The Student Aid Bill of Rights builds on the efforts our Administration has been taking over the last several years to make college more affordable and continues to chip away at the burden of student debt – so no one should feel overwhelmed by their student loans.
Agree with me? Take the pledge for a Student and Borrower Bill of Rights: http://www.whitehouse.gov/college-opportunity