The Consumer Financial Protection Bureau is collecting information about problems experienced with student loan servicing. According to the CFPB's blog:
Over 40 million Americans are repaying more than $1.2 trillion in outstanding student loan debt. Significant debt can have a domino effect on the major choices you make in your life: whether to take a particular job, whether to move, whether to buy a home, even whether to get married. For many of you, student debt stress makes these big milestones seem out of reach.
We’ve heard that some student loan servicers (the company that sends you a bill each month) may be adding to that stress. We’re seeking information from the public about the student loan servicing practices that may make it harder to get ahead of your debt.
You can share your story here.
The CFPB has also requested comments answering a variety of questions about student loan servicing, including "questions related to general practices in the student loan servicing industry, including industry practices for borrowers in distress"; comments on the applicability of consumer protections from other consumer financial product markets, including the markets for servicing credit cards and mortgages;" and "feedback on the availability of data about student loan performance and borrower characteristics during repayment."
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