Report reveals issues with student loan servicing
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Business, Social Studies
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University
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Practice Problem
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Hard
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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.
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2 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What types of errors did investigators find related to loan servicers charging students?
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
What were some of the reported experiences of borrowers waiting for refunds?
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