Report reveals issues with student loan servicing

The Consumer Financial Protection Bureau reported that some loan servicers automatically withdrew money from borrowers' accounts without their consent, leading to errors primarily related to autopay. Additionally, servicers sometimes charged students multiple times a month or miscalculated the amount owed. Some borrowers experienced long delays in receiving refunds for these errors.

What issue did the Consumer Financial Protection Bureau find with some loan servicers?

• They provided incorrect loan information.

• They automatically withdrew money without consent.

• They offered lower interest rates.

• They extended loan repayment periods.

What was the main cause of errors according to the Bureau's report?

• Incorrect interest rates

• Autopay mistakes

• Loan application errors

• Delayed loan processing

How did loan servicers incorrectly charge students?

• By charging them multiple times a month

• By not charging them at all

• By charging them in foreign currency

• By charging them once a year

What did the report reveal about the amount of money owed by students?

• It was often incorrect

• It was increased by the government

• It was always accurate

• It was reduced by servicers

What issue did some borrowers face regarding refunds?

• Months or years of waiting for refunds

• Refunds within a week

• Immediate refunds

• No refunds were issued