Got A Student Loan Complaint? Take It To The CFPB

The Consumer Financial Protection Bureau has opened up its latest portal for American consumers to register their complaints with various types of lenders. Now people with issues regarding their federal or private student loans have a place to connect — and hopefully reach some sort of resolution.

The same Dodd-Frank financial reforms that created the CFPB also called for the establishment of an ombudsman within the Bureau whose job it is to assist borrowers with private student loan complaints. There already an ombudsman within the Dept. of Education to handle federal student loans.

But the CFPB complaint form allows borrowers to register complaints for any student loan; you don’t even need to know when you fill in the form if the loan is federal or private. You can also call 1-855-411-CFPB to file your complaint.

“If you file a complaint, we’ll work with your lender or servicer to get a response,” writes the CFPB. “While we certainly can’t make your debt disappear, we can help bring your concern to your financial institution’s attention.”

If you don’t have a specific complaint but just want to vent your frustration about student loans, the Bureau has a place you can do that too.

Additionally, the CFPB has an interactive tool to help you pick the right type of financial aid and a debt repayment assistant for those who are now in the process of paying off their loans.

File a student loan complaint [CFPB]

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  1. fsnuffer says:

    Whaaaaa! I borrowed $75,000 for my degree in basket weaving and now they want me to pay it back!

    • Snip says:

      It’s not the paying it back that bothers people. It’s the usurious interest rates and inflexible payment terms that are causing the problems.

      • Doubting thomas says:

        usurious? You keep using that word, I do not think it means what you think it means.

  2. Smiley Massacre says:

    “While we certainly can’t make your debt disappear, we can help bring your concern to your financial institution’s attention.”

    The sad part about this is that people will still call in hopes of making their student loans disappear.

  3. BobOki says:

    I would have been quite happy to just have my Salle Mae loan actually have the payments I sent applied to the loan… and not just held late then applied to the overage fees and various other fees they did…… taking a $8,000 loan to being over $24,000 in the end…. then after paying it all off two years later they reported it as a writeoff on my taxes for another 2k.
    They also reported it on my credit three separate times for the same account…

    And they never once told me.

  4. Thyme for an edit button says:

    Isn’t this the same thing the Federal Student Aid Ombudsman’s Office already does?

    • Thyme for an edit button says:

      Read too fast… “There already an ombudsman within the Dept. of Education to handle federal student loans”

      I didn’t realize the Ed. Dept. one did not deal with the private lenders. Yikes.

  5. emyaeak says:

    Thanks for the information. I submitted, not a complaint, but a federal loan servicing complaint about the inability to easily make extra payments to ACS that apply to principal without sending a check in the mail and making a phone call every month. But after clicking a few more links, I discovered a way to check all of my original federal loans and disbursement dates and account status changes. That is awesome! I’ve been paying these loans for nearly 9 years and never knew that. And was able to get my PIN to submit a FAFSA application now that I’ve decided to go back to school. All around productive this evening.

    • emyaeak says:

      Oops, meant to say, “I submitted, not a complaint, but a federal loan servicing story…” on the “venting a frustration” link.

    • veronykah says:

      Ugh, ACS is the WORST. They took 4 months after RECEIVING my IBR form to figure out how to process it, all the while trying to get me to pay on loans that the IBR clearly showed didn’t have to be paid on.
      I hate them, its always a huge pain in the ass to get them to do anything and I usually end up speaking to several reps for a few weeks (or months) before the issue is cleared up.