A major student loan servicer and a student loan investment trust agreed to pay more than $5 million to resolve claims they mishandled requests for payment relief, including forbearance programs mandated by a federal pandemic aid law.
The Pennsylvania Higher Education Assistance Agency and the National Collegiate Student Loan Trusts failed over nearly a decade to properly handle borrowers’ attempts to get help making their monthly student loan payments, the Consumer Financial Protection Bureau said in a complaint filed Monday in the US District Court for the Middle District of Pennsylvania.
Those problems worsened after the CARES Act, a Covid-19 ...
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