S.1675: Student Loan Servicer Performance Accountability Act
Author's Summary: "A bill to promote quality student loan servicing by improving the borrower experience for borrowers of Federal Direct Loans."
IB's Summary: According to Sen. Elizabeth Warren (D-MA), this bipartisan sponsored bill would: "Cancel the Department of Education’s current competition for a single federal student loan servicer; ensure performance-based competition in federal student loan servicing by requiring the participation of multiple servicers that contract directly with the Department of Education; promote competition by requiring the Department of Education to allocate loans to servicers based on measures of their performance, including scores on borrower satisfaction; and prohibit the Department of Education from awarding all federal student loans to a single federal student loan servicer and creating a federal student loan monopoly."
Status: Introduced on 07/31/2017. Read twice and referred to the Committee on Health, Education, Labor, and Pensions.