Consumer complaint received 2025-02-17 00:00:00
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: Servicer under contract with Federal Student Aid
State: MI

Complaint narrative:
Subject : Request for Loan Discharge Due to Servicer 's Noncompliance with State Regulations Dear Federal Student Aid Team, I hope this letter finds you well. I am writing to formally request a discharge of my student loan ( s ) based on my loan servicer 's failure to maintain the required documentation as mandated by applicable state regulations.

Despite my repeated requests over the past several years for the essential documentation related to my student loan, including payment histories and original agreements, I have not received the requested information. This lack of compliance not only complicates my financial management but has also caused significant distress and confusion regarding my loan obligations. 

As established in [ insert relevant state regulation ], student loan servicers are required to maintain accurate and complete records of all communications and transactions related to student loans. The inability of my loan servicer to provide these critical documents undermines my rights as a borrower and fails to adhere to the obligations set forth by state law. 

Given this situation, I respectfully request that my loan be discharged on the grounds that my servicer has not fulfilled its legal responsibilities to maintain and provide the necessary documentation. I believe that such a discharge is warranted due to the inability of the servicer to comply with state regulatory requirements.

I appreciate your attention to this serious matter and look forward to your prompt response. Please feel free to contact me at the phone number or email address provided above if you require any further information or documentation to support my request. 

Thank you for your consideration. 

Sincerely, [ Your Name ] [ Your Loan Account Number ] ( if applicable ) If you are looking for specific details, it's advisable to check with your state 's financial regulatory agency or consult legal resources that outline the state laws governing student loan servicing and record-keeping. 

In Colorado, the maintenance of records by student loan servicers is governed by several regulations. One relevant statute is the Colorado Student Loan Servicers Act, which outlines many of the responsibilities of loan servicers, including the requirement to maintain accurate and complete records. Here are some key points typically included in such regulations : 1. **Record Keeping Requirements** : Loan servicers must maintain detailed records of all communications with borrowers, payment histories, and any changes made to loan terms.
2. **Duration of Record Storage** : Records should generally be kept for a minimum of five years after the loan is paid off or otherwise discharged.

3. **Access to Records** : Borrowers have the right to access their loan records upon request. Servicers must provide these records in a timely manner.

4. **Compliance with Federal and State Laws** : Servicers must comply with both state and federal regulations relating to student loans, including confidentiality and security measures to protect borrower information. 

For the most accurate and up-to-date information, it may be beneficial to consult the Colorado Department of Higher Education or the specific regulation itself. If you require specific sections or details, I recommend checking official state resources or legal references regarding the Colorado Student Loan Servicers Act.

19-33-6.Maintenance of records.

( a ) Each student loan servicer shall maintain 19-33-6. Maintenance of records.

( a ) Each student loan servicer shall maintain records that are accurate and complete regarding the servicing of student loans. This includes but is not limited to the following : 1. Documentation of all communications with borrowers, including phone calls, emails, and written correspondence.

2. Detailed payment histories for each loan, including dates and amounts of payments received.

3. Records of any changes made to the terms of the loan, such as adjustments to interest rates or repayment plans.

4. Information about any forbearances, deferments, or other forms of relief granted to borrowers.

5. Copies of all notices sent to borrowers regarding their loans, including statements and payment reminders. 

( b ) Records must be maintained for a minimum of [ insert time frame, e.g., five years ] after the loan has been paid in full or otherwise discharged.
( c ) Student loan servicers must ensure that all records are easily retrievable and accessible for auditing purposes and for review by regulatory authorities.

( d ) Any record related to the servicing of student loans must be kept in a secure manner to protect the confidentiality of borrower information.

( e ) Failure to maintain the required records may result in penalties as prescribed by state regulations. 

If you have any specific additions or modifications to make to this text, feel free to let me know! complete records of each student education loan transaction, including recordings of communications with borrowers, for not less than two ( 2 ) years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or any longer period as may be required by any other provision of the general or public laws.

( b ) If requested by the division of banking, each student loan servicer shall make all records available, not later than five ( 5 ) business days after requested. Upon request, the department may grant a student loan servicer additional time to make these records available.

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Company response to consumer: Untimely response