CFPB Wants to Hear Student Loan Complaints
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UPDATED: Mar 9, 2012
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The Consumer Protection Bureau (CFPB) opened their website up to receive borrowers’ complaints on student loans.
The CFPB recognizes that there are problems with the student loan industry. While federal student loans offer many opportunities to alleviate high monthly payments, financing front private institutions usually do not offer options similar in nature.
The CFPB hopes the public’s personal stories and honest complaints will shed light on what needs to be corrected, particularly when it comes to private student loans, which often escape government oversight and regulation.
Any complaint filed with the CFPB will be forwarded to the submitter’s lenders and the CFPB has claimed they will work hand-in-hand with those lenders to get a response. While the new protection bureau wants consumers to know that they cannot make debt disappear, they hope this complain process will, at the very least, bring attention to students’ struggles.
Given the popularity of student loan complaint websites already in existence, the government agency should have no shortage of content to work with. Already the CFPB’s page is filled with comments from angry student loan borrowers who are struggling to find help.
To file a complaint with the CFPB, submit a complaint on their website, or call their toll-free number at 1-855-411-CFPB.
While students wait for action and response, they can visit some of the CFPB’s online tools meant for students to use in order to manage their debt. The Student Debt Repayment Assistant has been created specifically with the intention of easing borrower’s payment problems. They have also launched a Know Before You Owe: student loans page, which contains a library of information that both prospective and current students should find helpful.