This is the time of year when many college students are applying for financial aid. But, it can also be a time when many are dealing with the hassles of trying to pay the debt off?
Scams, accounting errors, and overall confusion are some of the main issues. There are over 44 million Americans who with over a $1.25 trillion in student loans. This creates a large market for scammers to target. And, with this many loans, there is a good chance that borrowers are going to experience changes in loan servicing. When loan servicing companies change, there can be a greater chance of accounting errors and confusion among the companies and borrowers.
Keep good records and stay up to date with your payments. Put together a folder for keeping everything related to your student loans, including proof of payments, statements from your loan servicer, and any correspondence that you receive related to these loans. Make sure to continuously check your account online to be sure that all of the information posted is accurate. Take a screenshot of what you view online. It could come in handy later if you need to dispute errors. And, if you notice any problems, take action immediately, documenting the date, the person you spoke to, and the explanation or resolution that was to take place.
Depending on the issue, you can contact the U.S. Department of Education the Consumer Financial Protection Bureau, or if it is a scam, the Federal Trade Commission. We have links for these sites below. You can also contact our Call 4 Action office. Our volunteers will do whatever they can to help you resolve this or any other consumer-related problem.