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Search resuls for: "Loan Ombudsman"


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☆ Student loan servicers are pulling incorrect payments from borrowers' bank accounts
  + stars: | 2024-11-19 | by ( Annie Nova | ) www.cnbc.com   time to read: +1 min
Lenders often encourage federal student loan borrowers to enroll in automatic payments. "Unfortunately, autopay errors were one of the most widespread, basic and consequential servicer errors we saw this year," CFPB Student Loan Ombudsman Julia Barnard told CNBC. In some cases, borrowers had money pulled from their bank accounts despite never consenting to autopay, Barnard said. Other autopay users saw incorrect amounts taken or were charged multiple times in the same month. In March, one borrower told the CFPB that their student loan servicer took $6,897 from their account when they only owed $1,048.
Persons: Julia Barnard, Barnard, aren't, wouldn't, servicer Organizations: Consumer Financial, Bureau, CNBC, autopay, Finance, Black
☆ These student-loan borrowers qualify for debt cancellation through the government, but they're struggling to get the same relief on their private balances: 'I feel so defeated. I feel trapped.'
  + stars: | 2024-06-22 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +13 min
Every paycheck I get goes to Navient," Pucci, 59, told BI. I feel trapped, and this has been so traumatic, especially the last couple of months, it's been really, really difficult." The lender, instead, can decide how it wants to craft a relief process, if at all. AdvertisementBut Linssen's efforts paid off — she got $70,000 in private loans discharged in May. While Nave also eventually got her private loans relieved after filing complaints with the CFPB, she doesn't understand why it has to be this way.
Persons: —, Leandro Pucci, Joe Biden's, hasn't, Pucci, it's, " Pucci, Sen, Elizabeth Warren, Holder, Warren, Navient, he's, Julia Barnard, Barnard, Theresa, Christman, Theresa Christman Theresa Christman, Eileen Connor, PPSL, haven't, Connor, I've, Victoria Linssen, Jennifer Nave, Linssen, aren't, Brooks, Victoria, Victoria Linssen Victoria Linssen, Nave, they're, — Navient, Nick Eucker, Eucker Organizations: Service, Art Institute, Business, Joe Biden's Education Department, Navient, Education Department, Consumer Financial, Bureau, Education, BI, International Academy of Design, Technology, Brooks Institute, DeVry University, Victoria Linssen Victoria Locations: Venezuela, California, Navient, Cardona
☆ Some student-loan borrowers with private debt are being forced to make payments they don't owe, a federal watchdog says
  + stars: | 2023-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The CFPB released a report analyzing complaints from private and federal student-loan borrowers. AdvertisementAdvertisementSome lenders might be discouraging private student-loan borrowers from receiving relief to which they're entitled. In that time period, 9,284 student-loan borrowers submitted complaints — 6,934 of which were related to federal loans and 2,350 of which were related to private loans. The current private student-loan portfolio in the US has about $132 billion in outstanding debt, which is 8% of the total outstanding student debt. As Insider previously reported, private student-loan borrowers are more vulnerable than federal borrowers because they do not have the same avenues for federal debt relief and repayment, and it's harder to regulate private lenders that can set their own terms.
Persons: —, Robert Cameron, Federal Trade Commission's, it's, Cameron Organizations: Service, Consumer, Federal Trade
☆ Student-loan borrowers are being stripped of debt relief and cheaper monthly payments because of poor customer service, a federal watchdog says
  + stars: | 2023-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
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. 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 related to private loans. Over the summer, Biden rolled out a new income-driven repayment plan, known as the SAVE plan, intended to lower many borrowers' monthly payments. For example, one borrower complaint to the CFPB stated: "I cannot get ahold of my loan servicer.
Persons: —, Robert Cameron, Cameron, Biden, Servicer MOHLEA, servicers Organizations: Service, Consumer Financial, Bureau, Loan Ombudsman, Consumers, Education Department, Public, An Education Department Locations: servicers
☆ The young lawyer who became the 'Don Quixote' of canceling student debt
  + stars: | 2021-05-29 | by ( Cezary Podkul | ) www.businessinsider.com   time to read: +24 min
The victory marked the starting point for what's become Smith's raison d'être to help as many student loan borrowers as possible. But of those who did, around 60% managed to get a discharge of some portion of their student debt, Iuliano found. And thanks to a widely-held belief that student debt is categorically exempt from discharge, few are willing to take that chance. "I have $50k student debt, no degree, was a victim of attempted murder, out of work, and homeless," reads another. Austin SmithEventually, he says, he vowed to make it his life's cause to help the student loan borrowers.
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