Concerned about the massive bureaucratic lift of restarting student loan payments this fall, some Senate Democrats are questioning whether loan servicers can smoothly transition out of a three-year-long payment pause.
, though the senators said they were displeased with the data they saw: "only half of the servicers shared any information on borrower response rates, and those that did share this information had not been in touch with the majority of new borrowers," they wrote on Tuesday.
Secretary of Education Miguel Cardona takes part in a press briefing at the White House in Washington, June 30, 2023.In their letter, the senators said that they were concerned with the heavy workload and weakened ability of those servicers to take it on, highlighting layoffs and vast transfers of borrowers over the last three years of the pause.
These challenges come as the Office of Federal Student Aid -- the government agency in charge of overseeing student loans -- did not receive a funding increase this year, over which both Democrats and Republicans have voiced concern.
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