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.