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CFPB warns Student Loan Borrowers Bad Information Can Cost You

Consumer Financial Protection Bureau

 

 

 

Incorrect information about your college enrollment status can cost you warns the Consumer Financial Protection Bureau.  In a Consumer Advisory published February 27th, the CFPB outlined the ways the bad information about enrollment status can wreak havoc for student borrowers.

Student loan borrowers report problems while pursuing a degree, when they leave school and when they return to school. 

A few of the problems that have been reported to the CFPB include

  • Student loan bills while enrolled in school full time
  • Unexpected delinquencies or surprise bills upon leaving school
  • Delayed deferments while still in school resulting in extended periods of costly payments
  • Challenges to correcting or updating incorrect information on a borrowers’ enrollment status

You need to be a watchdog on guard to catch errors that could add hundreds to your student loan debt. Especially if you have recently left or returned to school.

Watchdog

 

 

 

 

 

 

Three Things you can do to catch errors in your information

1.  Monitor your enrollment status especially if you recently have left school or returned to school.

When leaving school, make sure you know when your first payment is due.

Inform your servicer if you are going to leave college early or returning to school.

 2.  Review your enrollment status.  If it doesn’t look right contact the student loan servicer.  Their information may be out of date.  You may have to submit updated documentation from your school to confirm your status.

Verify your enrollment with your student loan servicer

Check up on your enrollment status with your school.  If you recently transferred or returned to school you can also update your information on the Department of Education’s National Student Loan Data System student website

3.  If you cannot get accurate or prompt information regarding your enrollment status from your student loan servicer, you can file a complaint online with the CFPB or call the CFPB at (855) 411-2372.


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Posted March 5, 2017