CFPB reports on borrowers’ experiences after resumption of student-loan payments

The Consumer Financial Protection Bureau has published a report on student-loan servicing practices since the resumption of federal student loan repayments in the fall, after a three-year payment pause in light of the COVID-19 pandemic. The CFPB report finds that borrowers are “encountering long hold times when trying to reach their student loan servicer, experiencing significant delays in application processing times for income-driven repayment plans, and receiving inaccurate billing statements and disclosures.” The CFPB’s press release, which summarizes and links to the report, is here.