If you only have private student loan debt, the rules surrounding your situation are different from those dealing with federal loans. Further, each private lender has different rules regarding borrowing. While one lender may offer a temporary break in payment if you’re struggling with a financial emergency, another lender may not. While the rules are different on every front, each loan company still deals with a federal agency, which can provide assistance if you need to dispute something.
This federal agency, the Consumer Financial Protection Bureau (CFPB), supervises financial companies, including banks, loan servicers, and more. They have recently begun to officially take complaints on private student loan problems. According to the ombudsman for the agency’s student loan department, the CFPB provides support to student loan borrowers should there be a dispute with the lender.
This agency handles all complaints relating to private loan debt. These can include miscommunications about payment breaks, billing discrepancies, and more. The CFPB deals with these problems efficiently and will always provide an answer in writing. If the loan company has violated the law, the CFPB will work with other applicable agencies to investigate the matter.
If you’re dealing with an issue with your private student loan company, there are a few steps you can take. Reread your loan agreement to ensure everyone is following rules about loan or interest rate changes, and keep tabs on your online loan account to watch your payment status. If something comes up, call your lender first to see if the problem can be fixed right away. Should the situation become truly dire, the CFPB can help.