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Tuesday, September 24, 2013

CFPB Explains Student Loan Servicers

The CFPB released an explanation of how student loan servicers are selected for loans in the Department of Education’s Direct Loan program. The CFPB reports that loan volume is assigned based on how satisfied users are with the servicer, in addition to how well the servicer is at collecting payments and avoiding borrower default.

In March of this year, the CFPB proposed supervising nonbank student loan servicers.

Read more.

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