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Things to Watch in 2014

January 21, 2014 | Adam S. Minsky, Esq. Policy & Reform

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The year is just beginning, but we’re already on track to see some noteworthy student-loan-related issues during 2014. Here are some highlights:

  • Higher Education Act Reauthorization. The Higher Education Act (HEA) is the massive piece of legislation that governs much of the federal student loan system. It has to be periodically renewed by Congress, and it’s up for renewal this year. Traditionally, Congress has dragged its feet on reauthorization, and given the current political climate, I expect that will occur this year, as well. But the reauthorization of the HEA is a significant opportunity to inject some new programs and reform into the student loan world. It will be interesting to see what happens.
  • Greater scrutiny of federal loan servicers. With contracted federal loan servicing companies coming under increasing criticism for poor customer service and failure to advise borrowers of their options, the Consumer Financial Protection Bureau’s recentannouncement that it would be closely monitoring these companies comes as a welcome surprise. We’ll see if this yields positive results.
  • Higher Interest Rates. The recent student loan interest rate bill signed into law in 2013 lowered interest rates for many federal student loan borrowers after they had doubled due to a lapse in a prior law. However, the interest rate benefits of this law will be short lived, and this year I think we will start to see interest rates begin to climb again. This was a short-term, politically expedient solution with predictably nasty longer-term consequences for new borrowers, and we’ll begin to see that this year.
  • Modest Relief for Defaulted Federal Borrowers. New federal regulations go into effect later this year that will allow borrowers burdened by federal default and wage garnishment to climb out of default a little more easily. It still won’t be easy, but it will hopefully be an improvement. Will debt collectors contracted with the Dept. of Education comply with the new rules? We’ll certainly find out this year.

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Policy & Reform

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

617-936-2788
asminsky@minsky-law.com
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Boston, MA 02110

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