Brandon Frere on the Impact of Student Loan Servicer Accountability

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May 18, 2018, 01:45 ET

PETALUMA, Calif., May 18, 2018 /PRNewswire/ -- A lot of student loan borrowers are suffering. There are many reasons cited, and many more possible solutions proposed. Some say there's a crisis. Some say things aren't so bad. But what's undeniable is that a lot of borrowers are having issues repaying their loans and more steps need to be taken to help that. Increasing loan servicer accountability will be an essential part of the solution. Brandon Frere, a financial services entrepreneur with expertise in the student loan industry, wants to emphasize that student loan servicers have a massive impact on borrower success.

"What servicers tell their customers, the student loan borrowers can make or break what happens with their student loans," Frere said. "What do I mean by this? Borrowers who get the wrong information, or incomplete information, can end up defaulting when they could've been staying current on those loans."

Frere continued: "More and more reports are coming out about how big of an impact loan servicers have when they give out good information versus when they do not. This just confirms what I've known for years and have seen first-hand."

While some student loan servicers are facing increased scrutiny, others may still have more leeway to do business as they choose than critics say is appropriate. States now are stepping up to oversee loan servicers' practices. U.S. Congress members from Utah, for example, are joining representatives from Oregon and Colorado in signing a bipartisan letter urging the Department of Education to reverse their position on states' rights in the arena of servicer oversight.

"This is a major issue that affects millions of people," Frere said. "It's unclear what the perfect solution is or how it's going to play out with our politicians. What I do know is that loan servicers have a lasting imprint on borrowers' lives. And often it's not a good one."

About Frere Enterprises
Brandon Frere is an entrepreneur and businessman who lives in Sonoma County, California. He has designed and created multiple companies to meet the ever-demanding needs of businesses and consumers alike. His company website, www.FrereEnterprises.com, is used as a means to communicate many of the lessons, fundamentals, and information he has learned throughout his extensive business and personal endeavors, most recently in advocating on behalf of student loan borrowers nationwide.

As experienced during his own student loan repayment, Mr. Frere found out how difficult it can be to work with federally contracted student loan servicers and the repayment programs designed to help borrowers. Through those efforts, he gained an insider's look into the repayment process and the motivations behind the inflating student loan debt bubble. His knowledge of the confusing landscape of student loan repayment became a vital theme in his future endeavors, and he now uses those experiences to help guide others through the daunting process of applying for available federal repayment and loan forgiveness programs.

FrereEnterprises.com

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Student Loan Servicers and Impact on Borrowers
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Frere Enterprises website

SOURCE Frere Enterprises