Don't Forget to Tell the CFPB about Your #StudentDebtStress!
Don't Miss the Deadline: Tell CFPB about Your #StudentDebtStress!
Last month, we told you that the Consumer Financial Protection Bureau (CFPB) wants to hear from borrowers like you about any problems you've had with student loan servicing. If you haven't already shared your #StudentDebtStress story, NOW is the time to weigh in!
Your student loan servicer is the company that sends your bill each month; this could be Navient, Great Lakes Educational Loan Services, Nelnet, FedLoan, or other loan servicers.
The deadline is July 13, and it's easy to submit your comments. Just visit Consumerfinance.gov and click on "Share your story" near the top of the page.
Here are some things people have already told the CFPB:
- "It is causing lots of stress and anxiety that I cannot simply make payments on my debt. I am trying to do the right thing. I have never been late and never missed a payment, yet my servicers have failed to correctly apply my payments repeatedly."
- "I submitted the required documentation for the 2015 IBR repayment plan 8 weeks before the expiration of my previous IBR application, and ... while waiting for [my servicer] to process my application, my monthly payment jumped from approximately $200 a month to $1400 a month, causing me to go into overdraft on my checking account."
- "I work for a bank in consumer lending, and we would never make it so difficult for our customers who are trying to pay off their debts. Why are students being treated this way, when all we're doing is trying to better ourselves with educations and trying to pay off our loans?"
Add your voice to the stories about problems like lost paperwork and wrong information about income-driven repayment plans, and you'll help make the case for better servicing! You can also help spread the word to friends and family by using #StudentDebtStress on social media.
Don't miss the deadline: tell your servicing story today! And for more information, visit the CFPB's #StudentDebtStress page.