Student Loan Servicers Accountability Act of 2024

The Student Loan Servicers Accountability Act of 2024 requires the Department of Education to rigorously vet new and existing student loan servicers before awarding contracts, evaluating past performance, penalties, error rates, and ability to serve diverse borrowers. It mandates servicers to place loans in interest-free forbearance during errors, refund overpayments, correct credit report inaccuracies caused by errors, and provide multilingual support (including Spanish, Mandarin, and Arabic) and disability accommodations. The law applies to all new contracts after 90 days of enactment and requires annual reports to Congress on compliance. It directly affects Federal student loan servicers (private companies managing loans) and borrowers who face errors impacting repayment, forgiveness, or credit scores.