HR 8660
Student Loan Servicers Accountability Act of 2024
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Bill overview
The Student Loan Servicers Accountability Act of 2024 aims to improve the oversight and performance of companies that manage federal student loans. It requires the Department of Education to conduct more thorough vetting of potential servicers, considering their past performance and ability to provide accurate and helpful service. The bill also establishes stricter contract terms for servicers, including protections for borrowers in cases of errors and ensuring access to information in multiple languages. Finally, it mandates a review of existing contracts and requires a study on the impact of loan transfers on borrower credit.
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