Unfortunately, it is very common to experience problems with your student loan servicer. There have been a number of investigations and news stories in recent years that have exposed how servicers have failed student loan borrowers time and time again.
Loan servicers have done a number of things that have negatively impacted borrowers, including:
- giving incorrect advice to borrowers about their loan situation,
- failing to keep accurate records of payment histories,
- losing borrowers’ important documents and letters,
- steering borrowers into costly forbearances instead of affordable income-driven repayment (IDR) plans, and
- not tracking borrowers’ eligibility for loan forgiveness.
If you are having an issue with your loan servicer, you should first try to resolve it with them directly (and make sure to document it in writing). See our page on tips for dealing with your loan servicer for more information on how to successfully resolve your problem. If you are still unable to resolve your issue with your loan servicer after speaking with them, you can file a complaint with a federal or state agency to see if they can assist you.
Share your loan servicer story
Have a problem with your loan servicer? Share your story with us, so we can try to make the student loan system work better for borrowers.
