Home News House Subcommittee Examines Student Loan Servicing Oversight – NASFAA

House Subcommittee Examines Student Loan Servicing Oversight – NASFAA

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Democrats and Republicans on the House Financial Services Subcommittee on Oversight and Investigations came to agreement on Tuesday in their view that there is a problem with student loan debt in the country. But while Democrats viewed the issue stemming more from lapses in customer service and oversight of loan servicers, Republicans claimed the problem had more to do with federal overreach.

In a hearing on the topic Tuesday, the subcommittee discussed ways Congress, loan servicers, and the broader higher education community could work together to improve the process of receiving and repaying federal student loans.

Rep. Al Green (D-TX), chairman of the subcommittee, said in his opening remarks that the “macro-economic impact” of the more than $1.5 trillion in outstanding student loan debt is “quantifiable and ought to be a resounding wakeup call to everyone within the sound of my voice.”

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