SALEM, Oregon (KTVZ) – A new position has been created at the Oregon Department of Consumer and Business Services to assist those with student loans and ensure student loan compliance.
The Oregon Legislature passed Senate Bill 485 in 2021 requiring all student loan service providers doing business in Oregon to obtain or renew a license. The bill also created the ombudsman function for student loans in the department’s Financial Regulations (DFR) department.
The division hired Lane Thompson to start the program. With a background as a housing consultant, she saw how crippling student debt was for Oregonians trying to buy a home.
“People have a really hard time buying a house because they’re buried in student loan debt,” Thompson said. “So I really got to know the student loan side when I was working as a housing consultant.”
SB 485 empowers the state to comply with student loans. Thompson said there was a spate of class action lawsuits against federal and private student loans and as a result, many states created similar positions.
“The main problem was that federal loan managers had to do certain things and they didn’t,” she said. “All federal loans are eligible for income-driven repayment plans, which means your payment is based on your income.”
But some federal officials forced people into forbearance, delaying their payments while accruing interest.
Federal student loan service providers are private companies with federal contracts. If they make loans to people living in Oregon, SB 485 requires them to be licensed in Oregon. This allows DFR to regulate student loans in the same way that the division regulates other financial services.
Thompson’s role as student loan ombudsman is really a liaison, she said.
“I try to resolve any conflict between the loan and the administrator,” she said.
The ombudsperson is not a certified student finance advisor, but is someone who accepts complaints and ensures that service providers comply with the rules.
Anyone who needs help with student loans is encouraged to go to studentaid.gov first, Thompson said. People who still need help can email [email protected] or call 888-877-4894 (toll free).
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About Oregon DFR: The Financial Regulation Division is part of the Department of Consumer and Business Services, the largest business regulation and consumer protection agency in Oregon. Visit www.dcbs.oregon.gov and dfr.oregon.gov.
State agency creates student loan ombudsman to help borrowers, monitor servicers and latest news update
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