Good afternoon,
Last year, we released a sobering estimate: more than 7 million Americans are in default on a student loan.
When things don’t go according to plan, many student loan borrowers find themselves on the receiving end of a call from a debt collector and have a tough time understanding their options when trying to find a way out of default.
We want to better understand how collectors try to recover debt, including student loans, as we consider what rules are needed. We want to make sure that all players in this industry are working with correct information, consumers are fully informed, and consumers are treated fairly and with dignity.
Tell us about your experience and weigh in now:
http://regulationroom.org/rules/consumer-debt-collection-practices-anprm
We want to hear everything – both the good and the bad – about your experiences with companies that collect on student loans or any other debt.
The comment period is closing on February 28th, so weigh in today.
Thank you,
Rohit Chopra
Student Loan Ombudsman
The Consumer Financial Protection Bureau
P.S. We’re working on a number of ways to help borrowers when they fall behind. You can learn about your options and make a plan to get out of default by using Repay Student Debt and if you run into trouble, you can submit a complaint about a student loan debt collector.