Department of Education is working to streamline the student-loan process by creating a central location for payments and information. Although no launch date existed at press time, consumer advocates say the portal should help.
In particular, consumer advocates want to eliminate confusion regarding student-loan servicers. Also, students often have to go to several different places to find information, which often is inaccurate, experts say.
A single portal won’t address all of the problems, but it should be useful, says Persis Yu of National Consumer Law Center. Yu says a more important move would be to provide oversight of loan servicers and enforceable protection for the borrower. She says such protection “is absolutely critical to this process.”