In mid-May, the CFPB launched a public inquiry into student loan servicing practices that could “make paying back loans a stressful or harmful process for borrowers.”
According to the CFPB’s press release, consumers are experiencing problems associated with servicing transfers, payment posting, lost records, correcting errors, and a general lack of customer service. To address these concerns, the CFPB is seeking information from borrowers, lenders, loan servicers, and other interested parties on:
The CFPB also has launched an enhanced version of its Repay Student Debt online tool, which helps borrowers figure out their options for affordable student loan repayment. Access the tool at consumerfinance.gov/paying-for-college/repay-student-debt.