CFPB Consumer Stories: Repaying Student Debt
By Consumers Union on Monday, July 21st, 2014
It’s the Consumer Financial Protection Bureau (CFPB)’s birthday this week – and they sure have been busy lately! As part of its mission to educate consumers about their rights, the CFPB has created some impressive and easy-to-use resources for consumers on a lot of money topics.
When it comes to student loans, all too many consumers feel like there isn’t much they can do to ease the burdens of repaying their debts. Over 40 million people have student loans, with an average balance of $30,000, and in today’s economy it can be tough to save money or start a small business with those student debt bills to pay.
That’s why people like Leah, featured in this video, have been grateful to the CFPB for providing clear and straightforward tips for how to better manage student loans.
Leah used the “Repay Student Debt” tool on the CFPB website, which asked her a series of simple questions, and found out that she could switch to a student loan repayment plan that kept her monthly payments affordable.
Leah said she didn’t know about her options for managing her loans payments before she found the CFPB’s resources: “I wasn’t informed when I was taking out my student loans… now students have the CFPB website to know in advance and be informed of what to expect when they graduate.”
This is just one example of how the CFPB is working to protect consumers just like you – to give you the straight talk, so you can guard against tricks and traps in the financial system.
The CFPB has resources on student loans in both English and Spanish. They also have a toll free phone number offering assistance in more than 187 languages. To call the CFPB to submit a complaint, dial 855-411-2372.
Have you reached out to the CFPB about student loans or other money issues? If so, please share your story.