Mario Treto, Jr. Secretary at Illinois Department of Financial and Professional Regulation | Twitter Website
Mario Treto, Jr. Secretary at Illinois Department of Financial and Professional Regulation | Twitter Website
The Illinois Department of Financial and Professional Regulation (IDFPR) has sent a letter to President Biden and Secretary Cardona addressing concerns about the resumption of federal student loan repayments. This marks the first time in three years that over 40 million borrowers have had to resume payments.
The return to repayment has brought several issues into focus for state regulators, including payment plans, credit reports, and other aspects related to student loans. The Consumer Financial Protection Bureau has also issued a report titled "Issue Spotlight: Federal Student Loan Return to Repayment," highlighting trends that adversely impact borrowers.
Regulators from Illinois, Oregon, and Washington are advocating for prompt action in collaboration with the Department of Education to address these challenges for their residents.
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