Students typically take out private loans once they have exhausted their federal loan options. Federal loans — which should be a student’s first choice if they need to borrow — offer some friendly terms, particularly if a new grad can’t land a job. In fact, you can have your federal debt wiped out if you work in certain fields after graduation.
The CFPB says it expects financial institutions to respond within 15 days of a complaint on how they will address the problem. The agency says the complaint is expected to be closed in 60 days.
So borrowers, file a complaint if you have a gripe. And let us know how it goes.