Student Loan Debt and the Consumer Financial Protection Bureau (CFPB)
It is obvious to anyone who hears the news that student loan debt has reached a crisis level. The total student debt in this country now exceeds $1.2 TRILLION and is larger than credit card debt. At College Inside Track, we have saved families hundreds of thousands of dollars during our more than 10 years in business.
The federal government is beginning to recognize the student debt crisis. The Consumer Financial Protection Bureau (CFPB) is examining some of the issues associated with the payment and servicing of student loans and would like to hear from students who have stories and problems to report. While this is a first step it unfortunately does not begin to address the high cost of college and the debt many students and their family incur while in college.
If you or someone you know has an issue to report click on this link to report it to the CFPB. The full email from the CFPB is below:
Over 40 million Americans are repaying more than $1.2 trillion in outstanding student loan debt, and many are struggling with the weight of this financial burden. Surprise fees, lost paperwork, and bad information are some of the roadblocks you might have run into while trying to repay your student loans. That’s why we’re launching an inquiry into student loan servicing practices.
We want to hear from you about your #StudentDebtStress story at ConsumerFinance.gov.
Have you experienced any of these repayment roadblocks?
- Payment Processing Problems: When you make a payment, your servicer may have applied it to your loans in a way that racked up extra fees, increased interest charges, or made it take longer for you to pay back your loan.
- Servicing Transfer Snags: Servicers might not have told you when your loan was transferred to a different servicer, or made sure your payment made it to the right place, surprising you with lost payments and late fees.
- Communication Confusion: If you’ve been in trouble and asked for help, you may not have received a straight answer. You might have also found that the advice you got from your servicer wasn’t the best fit for you in the long run.
Tell us about the roadblocks you have faced on the path to pay off your debt at ConsumerFinance.gov.
Your story will help us as we work to improve student loan servicing for borrowers and make it easier to tackle your student debt.
Student Loan Ombudsman
Consumer Financial Protection Bureau
P.S. If you have questions about repaying student loans, check out our Repay Student Debt feature to find out how to tackle your student loan debt.
About the CFPB
The CFPB is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
Learn more at consumerfinance.gov.
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