Challenges with student loans? CFPB wants to hear from you!
Share your story of student debt challenges to help CFPB work to improve student loan servicing.
Over 40 thousand people are paying back student loans and for many of them this is a huge debt to manage as part of their larger financial situation. In many cases, this is effecting other major financial decisions such as purchasing a home or purchasing a vehicle.
In trying to make this responsibility more manageable, many student loan borrowers are trying to work with the servicers of their loans only to experience major barriers. Consumer Financial Protection Bureau (CFPB) wants to hear about these challenges. The CFPB is looking for experiences such as payment processing problems, servicing transfer issues, communication challenges or any other type of negative encounters borrowers have experienced.
Once all the comments are gathered, this information will be used to work on strengthening and improving the student loan servicing industry through public policy. CFPB will be sharing what they gather at their website once the report is completed.
The CFPB is a great resource to assist on issues such as student loan repayment. Michigan State University Extension offers a number of educational programs including programs on financial management and housing education. Visit MI Money Health where there are a number of educational materials and resources available for free.