While there’s been a lot of discussion about changes to federal student loan interest rates on new loans, many of you have asked: what’s happening with the trillion that’s already been borrowed? We took a closer look and here’s what we found.
Loan servicers are companies that collect payments on all sorts of loans, including mortgages, auto loans, and student loans. We decided to take a closer look at the Servicer Performance Reports released to the public each quarter.
Paying for College
From start to finish, we can help you make informed financial decisions about paying for college.
Repay student debt
While we can’t give you advice for your exact situation, we can point you in the right direction.
We’ll forward your issue to the company, give you a tracking number, and keep you updated on the status of your complaint.
Student banking and credit cards
Banking on campus
Last year, we asked consumers, schools, and industry for their thoughts on financial products marketed on college campuses and hosted a forum. Read our initial findings and watch a video of the event. We also issued a consumer advisory to help students better understand their options when it comes to managing their scholarships and student loans.
On March 26, we presented to the Department of Education’s negotiated rulemaking committee. Here’s what we discussed.
College credit card agreement database
We collect information on agreements between universities and credit card issuers. Check out the database. We also released a report to Congress highlighting trends in credit cards on college campuses.
Managing your college money
Choosing your first bank account is an important decision. Unlike that first school ID photo, your first banking relationship could last long after you graduate. Making a smart decision now will mean fewer surprise fees that can add up later.
Student loan reports
On May 8th, we published a report discussing comments we received and outlining options policymakers and market participants should consider to help student borrowers manage their debt.
Based on complaints, comments, and other input, we explain how some borrowers face obstacles when repaying their private student loans.
With the Secretary of Education, we submitted a report to Congress. Thousands of consumers gave us their comments.
Leveling the playing field
In partnership with the Department of Education, we’ve developed a financial aid shopping sheet to improve the way schools communicate financial aid offers. More than 1,500 colleges have agreed to use the shopping sheet.
What we heard – We released a prototype and received feedback from the public.
Military education accountability
We’re working with the Departments of Education, Defense, and Veterans Affairs to take steps to ensure that servicemembers, veterans and their families can get the information they need about the schools where they spend their education benefits.
Public service and student debt
We’re asking public service organizations to help tackle student debt by signing the pledge.
Read more about the CFPB’s work for students on our blog
Speeches, Op-eds, and testimony