Last year, more than 7 million Americans were in default on a student loan.
When things don’t go according to plan, many student loan borrowers find themselves on the receiving end of a call from a debt collector and have a difficult time understanding their options when trying to find a way out of default.
The Consumer Financial Protection Bureau wants learn more about how collectors try to recover debt, including student loans, as it considers what rules are needed. The bureau wants to make sure that all members in the industry are working with correct information, consumers are informed, and consumers are treated fairly and with dignity.
Tell the bureau your experiences at: http://regulationroom.org/rules/consumer-debt-collection-practices-anprm.
The agency wants to hear the good and the bad about your experiences with companies that collect on student loans or any other debt.
The comment period closes February 28, so weigh in today.
The agency is working on ways to help borrowers when they fall behind. You can learn about your options and make a plan to get out of default by using Repay Student Debt and if you run into trouble, you can submit a complaint about a student loan debt collector.