As the industry grows, the Department of Education’s Office of Financial Student
Aid announced plans for the Next Generation (NextGen) Financial Services Environment
at the end of 2017. As a result of the increased outstanding student loan debt and related
delinquency rates, as well as surging consumer complaints, regulators have sought to expand
guidelines. In conjunction with the rollout of the NextGen servicing platform, the enhanced
guidelines are intended to improve the servicing of student loans.
What challenges loom for student loan servicers and how should servicers re-examine processes and compliance frameworks to stay ahead? Read on to see how servicers can assist delinquent borrowers, improve performance scores, and grow the servicing portfolio as well as reduce regulatory risk.
2018 was a turbulent year for the student lending industry with a series of high impact changes. As the industry landscape continues to transform, we foresee more disruption in 2019. Lenders and servicers that are able to embrace the challenges and opportunities will have a distinct advantage in this market.