The Pitfalls of Paying Off Student Loans, for New and Aging Grads
Borrower Beware: the CFPB recently released a report on various loan companies that reveals the flexibility with which these loan sharks view their contracts with students. “Many student loan servicers elect to apply extra payments as they see fit — and not necessarily in the way that offers the greatest benefit to the borrower.”
For students with multiple loans from multiple loan servicers, this can prove quite complex. The student loan industry has taken many liberties with student clients/debtors, and while this industry promises to change greatly in the future, Living with debt can be incredibly difficult. One option the CFPB currently offers is the Student Loan Complaint form.