Department of Education working to ease borrowers back into loan payments.
The Department of Education announced on Friday that they will be taking measures to address the American student loan issue early next year. They have updated their standards for student loan accountability, monitoring, and transparency, and hope that these changes will help to smoothly transition current borrowers out of the student loan pause, which ends January 31, 2022.
“FSA is raising the bar for the level of service student loan borrowers will receive,” said the Federal Student Aid Chief Operating Officer Richard Cordray. “Our actions come at a critical time as we help borrowers prepare for loan payments to resume early next year. The great work done by our negotiating team here enables us to ensure that loan servicers meet the tougher standards or face consequences.”
As the Lord Leads, Pray with Us…
- For FSA COO Cordray as he seeks to benefit student loan borrowers.
- For officials in the FSA as preparations are made to reinstate student loan payments.
- For Education Secretary Cardona to seek God’s direction in leading the department.
Sources: Department of Education
