Michigan Internet Marketing Club: Share your student loan repayment struggles

Share your student loan repayment struggles

Student loan repayments can sometimes be your worst nightmare. Many times, simply keeping up with payments becomes the least of your worries. Various students find that loan companies create obstacles that make the repayment process more difficult.

In an effort to improve the student loan servicing process for borrowers, the Consumer Financial Protection Bureau is accepting comments now through July 13. If you have a story you want to share, be sure to submit a comment that highlights your experience with loan servicers.

Struggling with repaying your student debt? Read “Buried under student loan debt? Help is on the way”

Here is what the CFPB has found to be the more common issues amongst borrowers:

New loan servicer: Sometimes companies fail to inform their borrowers of new servicers, hindering payments from reaching the correct destination, thus resulting in late fees and lost payments.
Lack of proper communication: Servicers fail to provide their borrowers with proper information, often giving borrowers the run around when they reach out with inquiries or questions.
Difficult payment process: Servicers may apply payments in ways that allow for additional charges or hinder borrowers from paying back their loans more quickly.

If any of the above pertains to you or someone you know, be sure to share that story. Also, spread the word on Twitter and other social media sites using #StudentDebtStress or by supporting CFPB before June 10 by signing up to share the message through Thunderclap, a site dedicated to amplifying and spreading messages.

—Marcy Robles

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