If you have acquired a student loan – or been a co-signer on a student loan – then an article from our friends at Investopedia.com may be a worthwhile read.
The Worst Student Loan Servicers Going Into 2018 By Amy Fontinelle (April 7, 2018) details data about those companies servicing student loans.
To put things into perspective, if you are having problems with a student loan, you are not alone. According to the article, “Consumers registered 17,175 complaints about student loans in 2017 through the Consumer Financial Protection Bureau’s Consumer Complaint (CFPB) Database.”
Those with the most complaints ended up on a special report. “The Student Loan Report (SLR), a student loan news site, used the CFPB’s database to determine which student loan companies were the most complained about in 2017.”
And the data going into 2018 is not much improved.
Complaints included charges of: sloppy student loan servicing; misleading student loan borrowers; charging illegal fees; overcharging active-duty service members; delaying borrower applications; and over-billing the government of interest rate subsidies.
Access the article of the SLR report to see the top ten worst student loan servicers and find out if yours made the list.
If you are applying for a student loan, check the list first.
Remember, a student loan is a legal financial obligation for the student and any co-signer.
If you are uncertain about any terms, consult with a professional to determine if the agreement is one that you can ‘live’ with.
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