CFPB now taking your student loan complaints | 03.15.12
If you have had any issues with your federal student loans, you may be familiar with the Federal Student Aid Ombudsman office. This office is responsible for mediating issues with your federal student loans or financial aid office. Students weren’t lucky enough to have this luxury for private student loans, that is, until now.
The Consumer Financial Protection Bureau created a private student loan Ombudsman office to handle consumer complaints with loan lenders, servicers, and collectors.
What does it really mean for you, the borrower? Well, for starters, a single federal agency is now responsible for overseeing private student loans, which will hopefully provide easy answers to families seeking assistance. This new office will allow families to file complaints, at which point the office will contact the loan lender to help resolve any issues. These could be issues such as you were billed while loans were in deferment, or your payments were not applies as specified. The CFPB will now be able to help resolve loan repayment issues between you and your private loan lender.
While this office does handle complaints, they are also available to answer questions you may have about borrowing a private student loan. For more information or to submit a complaint or question, visit http://www.consumerfinance.gov/complaint/ or call 1-855-411-CFPB.
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