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ERIC Number: EJ985409
Record Type: Journal
Publication Date: 2012-Sep-23
Pages: N/A
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: ISSN-0009-5982
As Loan Servicers Multiply, So Do Problems for Students, College Officials Say
Stratford, Michael
Chronicle of Higher Education, Sep 2012
When students or recent graduates come to talk with Anthony M. Sozzo, an associate dean for student affairs at New York Medical College, about repaying their federal loans, he sometimes struggles with what to tell them. He states that the answers are increasingly being complicated by an ever-expanding federal loan-servicing system. The number of entities that service the loans owned by the federal government has risen sharply over the past several years, from one company in 2008 to 13 as of this month. Keeping up with the increase in servicers has been a challenge, financial-aid officers say, and at the individual-borrower level the changes are causing confusion over what borrowers are expected to pay and where they should go to manage their loans. With 13 companies now handling federal direct loans and more to come, aid administrators predict that the resulting inconsistencies will overwhelm borrowers.
Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; Tel: 202-466-1000; Fax: 202-452-1033; e-mail: circulation@chronicle.com; Web site: http://chronicle.com
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: New York