What we’re hearing from private student loan borrowers
Today, we released a mid-year update analyzing complaints from private student loan borrowers. The update explores some of the challenges consumers face when dealing with their lenders and servicers.
Last October, we published a report that detailed problems reported by borrowers. We found that student loan borrowers expressed frustration about their lack of repayment options and their inability to refinance or modify their loans. In addition, we saw many examples of active-duty servicemembers having difficulty accessing benefits under the Servicemembers Civil Relief Act (SCRA).
Lenders and servicers reported that these publications provided a helpful roadmap on ways to improve customer service.
Since then, consumers have voiced some of the same concerns, but we have also identified some emerging challenges. Complaints submitted since October revealed borrowers had a number of concerns about processing of payments, obtaining documentation about their loans, finding accurate information about their loan status and repayment options, and accessing basic account information.
While some lenders and servicers are addressing concerns about difficulties faced by military borrowers, the problem has not gone away. Regrettably, we continue to receive complaints from servicemembers with student loans having trouble accessing benefits under the SCRA.
Read the full mid-year update.
Having trouble repaying a student loan? Check out our Repay Student Debt tool. To learn more about our work for students and young Americans, visit consumerfinance.gov/students.