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On the eve of the FSA Conference's town meeting scheduled for tomorrow morning, I thought it would be useful to highlight questions that came up in the ten sessions I attended over the past three days. I have tried to keep this list focused to issues that arose from more than one questioner/commenter. The Department of Education was clear that they would be debriefing after the conference to review the issues/questions/suggestions that they have collected over the course of the conference. Here goes...
FFELP Loans Put to the Department / New Direct Loan Servicers
What information are borrowers whose loans were put to the Department receiving from the servicers? The Department indicated that they plan to post common communications that go to borrowers. The four servicers will be presenting themselves as Dept. of Ed/Servicer name in written and telephone communications (e.g., Dept. of ED/Great Lakes) Can the Department work with new Direct Loan Servicers to streamline/consolidate/standardize the reports (e.g., delinquency report) so that schools are not receiving unique reports from each of the servicers? Other than NSLDS what other mediums should be used to help schools determine which servicer has a given borrower's loans? Can the Department look into problems that several schools reported with returning loan funds for loans put to the Department? Has Department been monitoring calls for the new servicers (as one administrator expressed frustration with some recent customer service issues)? The Department does do call monitoring and provides feedback directly to the servicers (commenter recommended that this information be made available publicly) Will results of customer service surveys and default management results for direct loan servicers be available to the public? Yes What will escalation process be within FSA should servicer issues arise in the...