July 13, 2015 by I Am Not A Loan
Over 40 million Americans are working to repay more than $1.2 trillion in outstanding student loan debt.
Some borrowers have already shared with us their experiences with their student loan servicer (the company that sends a bill each month). We’ve released the first batch of your stories and we encourage you to take a look at what we’re hearing from the public at regulations.gov.
Here is some of what student loan borrowers have told us they are experiencing (click on the links below to see what a few of them have shared, in their own words):
- Barriers to accessing benefits. You’ve shared problems related to enrolling in income-driven payment plans that ended up costing you hundreds of dollars in unexpected payments. These problems include processing delays and incorrect information from customer service personnel. We’ve also heard about barriers that prevent you from keeping your payments low under these plans, even when you’ve filled out the required paperwork.
- Lost paperwork, customer service confusion. You’ve reported processing problems that have caused you to fall behind, including breakdowns when you try to repay a specific loan on your account or your loans are transferred between servicers.
- Payoff and prepayment problems. You’ve told us about how you have tried to get ahead on your student loans , only to run into roadblocks when paying more than you owe or trying to pay off your loans completely.
This post was originally published on the Consumer Financial Protection Bureau's blog. Read the rest here.