Consumer Watchdog

The problems military borrowers have with servicers of loan as highlighted by consumer watchdog

Military borrowers go through a lot of problems when communicating with servicers of student loans. This was released in a report on Tuesday by the Bureau of Consumer Financial Protection.

Once there’s a clearance of servicers of student loans by the Department of Education, a yearly investigation of how military borrowers are treated is done. Two months after all these, the report of the federal agency is brought out.

On Tuesday in a conference call, the service members affair assistant director named Holly Petraeus reiterates that the report contains deviations and blockages for borrowers in the military.

Having reviewed about 1,300 complaints from borrowers in the military, the Bureau discovered that when borrowers want to apply for benefits or find out if they qualify for certain benefits, they do not get accurate information. So said. Ms. Petraeus. Some of the complaints according to her were break downs on customer service that may cause a default on loans taken by borrowers.

An interest rate of six percent on student loans is a benefit borrowers in the military enjoy. The borrowers (93% of them) were denied this benefit by a servicer according to the Justice Department report of 2014. In May 2014, an investigation by the Department of Education began on companies that give out student loans. This was shortly after Navient, a servicer decided to pay $60 million to the Department of Justice to sort out claims for failing to provide benefits of the interest rate.

To Ms. Petraeus, borrowers in the military do not require pretense but they should be aware of the difference between private and federal loans and the benefits that accrue to them.

Ms. Petraeus feels that just saying that servicers are there for borrowers in the military is not enough. To work on practises affecting families in the military, servicers of student loans still

Comments are closed.

OBAMA STUDENT LOAN FORGIVENESS PROGRAM

3,4%6,8%

YOUR STUDENT LOAN INTEREST RATES COULD DOUBLE IF YOUR STUDENT LOANS GO TO DEFAULT. BE INFORMED

CALL TODAY!

THAT'S AN EXTRA $5,000 TO PAY BACK FOR THE AVERAGE $25,000 LOAN.

Call Today! Take Action & Get
Your Student Loans Forgiven
and/or Consolidated Now!

AID COUNSELORS AVAILABLE NOW Easy Qualify - Approved in Minutes!


We are helping many people like you save money!
Be informed of all your options.

MAKE THE CALL TODAY.... CHECK YOUR ELIGIBILITY!

in LESS THAN 5 MINUTES

you can be Qualified for a Student
Loan FORGIVENESS and/or a Student Loan CONSOLIDATION Plan!


Do you Qualify for Student Loan Forgiveness? Take Action Call Now!