by DC Jobs with Justice | Apr 24, 2017 | Projects
FOR IMMEDIATE RELEASE Monday, April 24, 2017 CONTACT Ari Schwartz, DC Jobs With Justice, 202-674-3228 or ari@dcjwj.org DC Government Must Stop Delays and Step Up to Help Student Loan Borrowers Link – http://bit.ly/2oEqcRj As Trump’s Department of Education and loan servicers abandon borrowers, the DC Government must hire its Student Loan Ombudsman to bring much-needed oversight over loan servicers and guidance for District borrowers WASHINGTON, D.C. – Months after the DC Council unanimously passed legislation to create a Student Loan Ombudsman with authority to license loan servicers, the relevant DC government agency has yet to hire the Ombudsman. At a time when the country’s largest student loan servicer, Navient, declares “there is no expectation that the servicer will act in the interest of the consumer,” the Department of Insurance, Securities, and Banking (DISB) should not be dragging its feet. Instead of moving forward with hiring this crucial position, DISB has undermined the law and its own ability to find a qualified applicant by requiring the position also serve a secondary, distinct role as Foreclosure Ombudsman. Elizabeth Falcon, Executive Director of DC Jobs With Justice, issued the following statement: “More than ever, DC residents desperately need support from District Government to fight our student debt crisis. We are the most indebted jurisdiction in the country, as around 140,000 residents owe an average of $40,885, and 1 in 10 DC borrowers are in default. East of the Anacostia, our neighbors face the brunt of predatory loan servicers and are three times more likely to be behind on their payments. “In December, we were heartened to see Councilmember David Grosso and the DC Council...
