Student loan servicers are not complying with Federal requirements.
The Department of Education Inspector General found routine instances of student loan servicer noncompliance that was not remediated before the Federal Student Aid (FSA) unit issued a final review report.
FSA’s contracts with the servicers allowed FSA to take certain actions, such as withholding payment or reducing loan volume, to hold servicers accountable when they failed to comply with Federal loan servicing requirements.
The report states "FSA management rarely used available contract accountability provisions to hold servicers accountable for instances of noncompliance. It also did not incorporate a performance metric relevant to servicer compliance with Federal requirements into its methodology for assigning loans to servicers."
This included not tracking trends of noncompliance
No performance metrics on servicer compliance. So there was no way to tell if there were violations over the course of a year.
Information Necessary to Ensure Servicer Compliance Not Always Complete
Scoresheets are used to judge the quality of customer service by student loan servicers. These scoresheets are often not filled out, so proper assessment of student loan servicers cannot be done, because the decisions are based on an incomplete record.
It is not enough to just read an article. You have to look at the source and perform analysis. A prime example is the study done by the American Enterprise Institute, a right-wing think tank. The American Enterprise Institute paid for a study that claims Americans still believe in the American Dream.
Reading the report, owning a home and "career considerations" are not considered part of the American Dream. Since when? Careers determine income. Income determines a comfortable, middle-class life.
This study claims that young people don't care about career choice. Really? Does this square with anything you have seen around you? No one cares about what career options they have for their life?
Instead, the American Enterprise Institute study defines the American Dream as "freedom to live as one chooses" - whatever that means; and "meaningful family relationships". No one, anywhere, has defined the American Dream as that before. In fact, the American Dream was defined in 1931 as ""life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement" regardless of social class or circumstances of birth, as written by James Truslow Adams in 1931.
Nothing implies family relationships or freedom to live as you choose. It is about economic opportunity, and that means career choice and education.
Paths to success without college means entering the plumber, firefighter, carpenter or other trades. And, yes, math will be needed. But it will be a direct, problem-solving math with direct, visible results.
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Think outside the box. The chances of success without college are better than you think right now.
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linkedin: Christine Axsmith
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