In the letter, the coalition of Attorneys General cautioned that current circumstances are likely to create serious and widespread loan servicing problems, as lenders are obligated to assist borrowers, oversee servicers, and enforce borrower protections during the return to repayment.
Nationwide, over 40 million borrowers are set to resume making payments this month, following a three-and-a-half-year pandemic payment pause. In that time, a majority of loans were transferred to different loan servicers.
“There are millions of Pennsylvanians set to resume loan payments, and they need support and assistance to ensure their payment rates are accurate and fair,” Attorney General Henry said. “I am extremely concerned that loan servicers are unprepared or overwhelmed by the sheer amount of borrowers entering repayment at the same time, which could lead to drastic account errors.”
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