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.

Link: https://www.congress.gov/bill/115th-congress/senate-bill/1675/text?r=1