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Sen. Warren seeks review of military student loan law
http://www.wickedlocal.com/article/20150805/NEWS/150808270/0/breaking_ajaxSen. Warren seeks review of military student loan law
By The Associated Press
Posted Aug. 5, 2015 at 4:22 PM
BOSTON — U.S. Sen. Elizabeth Warren is seeking a fresh examination of a student loan law aimed at providing consumer protections to members of the military while on active duty.
The Massachusetts Democrat joined fellow Democratic senators Patty Murray of Washington and Richard Blumenthal of Connecticut in asking the education department's Office of Inspector General to take a look at the department's previous review of compliance with the law.
After releasing their review, education department officials found student loan borrowers were incorrectly denied the mandated interest rate cap of 6 percent in "less than 1 percent of cases." As a result, the department took no action against the loan servicers.
Warren, Murray and Blumenthal say that review was faulty and based on what they called "a tiny fraction of the relevant cases."