Helping borrowers understand their repayment options
We’re working to help millions of student loan borrowers better understand their available repayment options—and we want to hear from you.
We’ve heard from many student loan borrowers that their servicers (the companies that send them a bill each month) may not provide the information and service borrowers need to get a monthly payment they can afford.
We’ve joined with the Department of Education and the Department of the Treasury to create a new Student Loan Payback Playbook—a disclosure that servicers could send to help student loan borrowers like you better understand their options and take action. Share your feedback about our Student Loan Payback Playbook by June 12, 2016.
Inquiry into student loan servicing
In response to our public inquiry into student loan servicing practices, we received over 30,000 comments from the public, highlighting the costly surprises and runarounds some borrowers face when dealing with their servicers. We documented these widespread servicing failures reported by borrowers in our recent report, Student Loan Servicing.
We also joined the Department of Education and the Department of the Treasury to issue a series of joint principles that offers a roadmap to strengthen the student loan servicing market for all borrowers.
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.
Submit a student loan complaint
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
We’re helping students better understand their options when considering college sponsored checking accounts. We also posted a reminder on things to keep in mind to students that manage their scholarships and student loans on college sponsored accounts.
In December, we warned colleges to better disclose their credit card agreements to comply with the CARD Act so students and families can see the terms of the deals.
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.
Safe Student Account Scorecard
We published the Safe Student Account Scorecard to help colleges and universities make sure the deals they make with financial institutions lead to safer and more affordable products.
Student loan reports
In 2013 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.
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 3,000 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.
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