Members of the military who are working to repay private student loans are facing difficulties in the process. That's the consensus of a new report released by the Consumer Financial Protection Bureau.
The report, which is titled "The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform" and based mostly on consumer complaints filed with the CFPB, explains the hurdles servicemen and women face in obtaining the private student benefits promised to them under laws and programs implemented by Congress, CFPB said.
These laws and programs include the Servicemembers Civil Relief Act, which provides an interest rate reduction to those who acquired student loan debt before going on active duty, and the Income-Based Repayment program, which offers lowered monthly payments according to income level and family size.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
