The bureau recommends that loan servicing companies and policymakers consider taking the following steps to improve the repayment process, particularly for third-party providers:

• Implement a clear and easily accessible process for third-parties to direct electronic payments to borrowers' individual student loans

• Develop consistent, industry-wide standards for processing payments, including payments made by third parties

• Modernize and publish clear direction for servicers and third-party payers related to payment processing, particularly where payments affect existing federal student loan benefits and consumer protections

• Explore ways to improve safe and secure access to student loan data by properly authorized third parties

Despite initial challenges, executives at third-party payment companies tell MarketWatch that they've started to see servicers take steps to better accommodate their offerings.

Tim Demello, the founder of Gradifi, one of the platforms that works with employers offering student loan repayment, says that he used to have to sending individual checks to student loan servicers on behalf of employers when he first started offering this service in 2015. However, now Gradifi is able to send electronic payments to about 90 percent of the servicers they work with.

The bureau's report also lists several recommendations for third-party repayment assistance program providers and administrators, including making sure they support all borrowers struggling to repay student loan debt – including parents who co-sign loans or take out loans on their own to pay for their children's college tuition. The bureau also recommends that providers and administrators ensure access to existing federal benefits and protections for student loan borrowers and provide tailored enrollment information to employees.