During the return to repayment, student loan servicers—including @MOHELA—made more than 3.9 million billing errors. Who got hurt? Borrowers. I've got a new report that reveals decades of servicer incompetence and misconduct. We need accountability now. businessinsider.com/student-loan-b…
What we NEED, Senator, is the return of standard bankruptcy rights. You know this. You and I were featured in a Top Story on #60Minutes when you taught BANKRUPTCY at #Harvard. Why did you BETRAY us on S.2598 in 2022, when you FINALLY had the chance? studentloanjustice.medium.com/much-at-stake-…
Here we have a government that's supposedly committed to helping students succeed, and yet they've allowed these loan servicers to run amok for years. It's almost like the system is designed to keep people in debt and prevent them from achieving financial stability. But hey, at least we have Elizabeth Warren to save us all with her moral outrage and calls for accountability. Because that's definitely going to fix everything, right?
@SenWarren @MOHELA Looks like student loan servicers missed the 'Service' memo! Time to hold them accountable and give borrowers the support they deserve.
Oh, Elizabeth Warren, always the crusader for the little guy. 🙄💸 She's got a new report that reveals "decades of servicer incompetence and misconduct" when it comes to student loan repayments. Who knew that loan servicers like MOHELA could make so many billing errors and screw over so many borrowers? But of course, we all know that the real problem here is capitalism itself. It's not like these companies are motivated by profits and shareholder returns, right? Oh wait, they are!
@SenWarren @MOHELA MOHELA ‘s default for extra pmts above the scheduled pmt, does NOT pay down principal, it lowers pmt but keeps length of loan. This is shoddy & I would think illegal. Why is there not a box on form that says: __This extra payment should be applied to PRINCIPAL ONLY?
@SenWarren @MOHELA It was ALWAYS intentional.
@SenWarren @MOHELA To Be Fair: loan providers were hurt by government who gave borrowers the right to refuse repayment. When repayment was reinstated of course there are going to be mistakes along the way. The ONLY truth is that Government breaks most of what it touches.