Growing data transparency is actually a significant section of boosting FSA efficiency for their maintenance agreements and you may debtor pleasure. Currently, FSA posts minimal analysis concerning the loan portfolios as well as the results of the contractors. 53 To help you ideal assess the federal loan program and you can choose plan solutions, FSA want to make public an agent try of National College student Financing Data Program that doesn’t include borrowers’ personal stats. It should and additionally upload profile to the servicer show, investigatory actions, and you may sanctions into the a quarterly basis. That it could make available the new database off issues from its system and additionally strategies taken to look after the individuals issues, exactly like just what can be obtained at CFPB.
FSA should also be needed to per year are accountable to Congress the latest condition of the education loan program, in addition to metrics related to borrower pleasure and you can builder conformity. This type of components should be a part of FSA’s annual statement, which may make sure that they are daily monitored and you can handled. Read more