In an effort to reduce student loan repayment stress, the CFPB today is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers.
The bureau is specifically seeking information about industry practices that create repayment challenges, hurdles for distressed borrowers and the economic incentives that may affect the quality of service. The CFPB also will re-launch an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment.
The initiative will begin with an open public field meeting Thursday in Milwaukee, Wis. CFPB Director Richard Cordray, along with a variety of representatives from consumer advocate organizations, will call for public comments on the challenges posed by student loan debt servicers.
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