Is Education Debt Holding You Back?
By Consumers Union on Friday, May 29th, 2015
The hard part of college was supposed to be passing tests and writing great essays – not meeting the shifting demands of companies taking your loan payments after you get out of school.
For millions of former students and their families, paying the bills is already tough. But the companies that handle loans from your college days can wreak havoc on your finances – not to mention your sanity – when they give you the runaround or don’t fix a problem.
We’ve heard from people all over the country about issues with companies called “servicers” – you may know them as Sallie Mae, or Navient, Nelnet, Great Lakes…the list goes on.
Some folks have said that their servicers never told them about flexible options for repaying federal loans, like payment plans that adjust to their incomes. Others have told us that servicers wouldn’t let them pay down their balances faster if they try to pay more than the minimum one month. Some folks have been bounced around customer service, frustrated because their servicers can’t or won’t help them fix a problem.
Have these problems ever happened to you or someone you know? Are bad customer service and confusing information making it harder to repay your education loans?
We want to hear from you, so we can fight together to fix the problems that matter most to you. Share your story here!