Midyear update on student loan complaints: Income-driven repayment plan application issues

Source: Consumer Financial Protection Bureau, August 2016

This report analyzes more than 3,500 private student loan complaints, 2,400 federal student loan servicing complaints, and approximately 1,500 debt collection complaints related to private and federal student loan debt handled between October 1, 2015 and May 31, 2016. The information included in this report represents the Ombudsman’s independent judgment and does not necessarily represent the view of the Consumer Financial Protection Bureau….“This midyear update analyzes complaints submitted by consumers from October 1, 2015 through May 31, 2016. During this period, the Bureau also began handling complaints about problems managing or repaying federal student loans; this is the first report released by the Bureau discussing data on federal student loan servicing complaints. This report highlights the problems that borrowers face when seeking to enroll in an income-driven repayment plan, and provides recommendations to policymakers and market participants to better serve student loan borrowers.”…