Let’s Talk with Bruce Mesnekoff, What borrowers can expect?

A single web portal for all federally held loans and a standard communication format branded with the Department of Education logo. As per Bruce Mesnekoff , Borrowers will no longer need to know the name of their service to manage their loans.

  • Standard customer service practices to ensure a "consistent customer experience."
  • According to Bruce Mesnekoff , More oversight, accountability and transparency of all student loan service providers, and greater incentive for providers to keep borrowers current on their payments and assist those at high risk for delinquency and default.
  • Specially trained personnel to assist high-risk borrowers and those in the military.
  • Proactive communication to ensure borrowers on income-driven plans are aware when it's time to re-certify their plan and help them if their applications are incomplete.
  • Increased call center hours, account access and payment methods, including the use of mobile technology.
  • Larger payments than due that are submitted without instructions will have the excess applied in a way that saves borrowers the most money. Borrowers will also be able to go online to provide instructions on how to allocate extra payments. Payments may be reallocated retroactively if requested.
  • Payments less than what is due will be applied in the way that keeps the most loans current.
  • Increased access to detailed account information.
  • Servicers will develop a "comprehensive complaint resolution plan" that dovetails with the department's own recently launched feedback system. Complaints will be handled consistently and in a timely manner. Borrowers should expect acknowledgment of their complaint within 15 days and resolution within 60 days.

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