Student Loan Law: 5.5.2 Higher Education Act Loan Servicing Requirements
The FFEL regulations in the Higher Education Act describe loan servicing to include reporting to nationwide consumer reporting agencies, responding to borrower inquiries, establishing the terms of repayment, and reporting a borrower’s enrollment and loan status information.155 Lenders are required to respond, within thirty days after receipt, to any inquiry from a borrower or any endorser on a loan.156