New resource created to help with student loan complaints
The US Department of Education has launched a new complaint site for borrowers having problems with their student loans.
The U.S. Department of Education launched a new site on July 1, 2016 where student loan borrowers can file complaints and/or report issues they may be having with their loans. This includes possible issues with loan balances, loan servicers and schools’ financial aid offices. The goal of the site is to find constructive and helpful resolutions for borrowers of Federal Loans. This new site is a direct result of the Student Aid Bill of Rights passed in 2015.
The new system is being overseen by Federal Student Aid (FSAID) to offer borrowers a portal for all types for feedback such as complaints, suspicious activities, and positive feedback. The portal uses can be used anonymously or with FSAID ID.
If you use the portal, the Department of Education would like to hear your feedback on how the system worked for you, particularly on student loan servicing. They are very interested in knowing what is and isn’t working for you. For example, did you receive a prompt response, was your issue resolved, and was the site easy to use.
Student loan borrowers with private student loans may file their complaints with the Consumer Financial Protection Bureau.