Treasury Deputy Secretary Sarah Bloom Raskin said it is time for student loan servicers, the middlemen that collect and apply payments, to take responsibility for people falling behind or defaulting on their loans. In a speech Monday at the National Foundation for Credit Counseling conference, the second in command at Treasury, pressed the need for market-wide servicing standards to help borrowers navigate the student loan system. Too many people, she said, are unaware of repayment options or fight to get consistent information and help. “Student loan servicers may not be acting as the beacons we need them to be,” Raskin said. “We need to see increased enrollment in income-driven repayment plans, high touch servicing, and counseling that helps borrowers understand their options and sets them on a more secure financial path.”

September 28, 2015 ・ From The Washington Post