- A CFPB report analyzed over 9,000 complaints it received from student-loan borrowers in the past year.
- It found that poor customer service at servicers have kept borrowers without relief they deserve.
After receiving thousands of complaints over the past year, a top federal watchdog concluded that student-loan companies are not helping borrowers as they should.
The Consumer Financial Protection Bureau released its Report of the CFPB Education Loan Ombudsman, which analyzed complaints the agency’s ombudsman Robert Cameron received from September 1, 2022 through August 31, 2023. In that time period, 9,284 consumers submitted student-loan complaints 6,934 of which were related to federal loans and 2,350 of which were r…
Read the full article at: https://www.businessinsider.in/policy/economy/news/student-loan-borrowers-are-being-stripped-of-debt-relief-and-cheaper-monthly-payments-because-of-poor-customer-service-a-federal-watchdog-says/articleshow/104658633.cms