This business has the most complaints about student loans


What are the most popular student loan complaints?

Here’s what you need to know.

Student loans

If you have a complaint about your student loans, you’re not alone. A new report of the Consumer Financial Protection Bureau (CFPB) shows the latest breakdown of student loan complaints– and they may sound very familiar to you. Here are some highlights:


The most common complaints about student loans

Here are the most common complaints about student loans:

1. Dealing with your lender or student loan manager

  • Received wrong information about your student loans (34%)
  • Problem with the way payments are processed (34%)
  • Disagree with the fees charged (11%)

2. Difficulty in repaying student loans

  • Unable to get flexible options for student loan repayment (49%)
  • Student loan monthly decrease problem (31%)
  • Cannot temporarily delay student loan payment (19%)

3. Problem with a credit report or credit score

  • Credit report was not corrected (30%)
  • Incorrect student loan account status (27%)
  • Incorrect student loan account information (18%)

Total student loan complaints:

  • Total student loan complaints: ~ 7,000 complaints
  • Federal student loans: ~ 5,000 complaints (24% year-on-year decrease)
  • Private student loans: ~ 1,900 complaints (33% decrease year over year)

Why the decrease in student loan complaints? One potential reason, among others, is that federal student loan payments have been on hold since March due to the Covid-19 pandemic. Other reasons may include student loan services offering improved customer service and compliance procedures as well as borrowers becoming more informed about their student loans.


Best Companies For Most Federal Student Loans Complaints

These companies received the most complaints about federal student loans:

  1. AES / PHEAA (1,208 complaints)
  2. Navient (1,143 complaints)
  3. Nelnet (496 complaints)
  4. Premier Student Loan Center (66 complaints)
  5. Great Lakes (51 complaints)

Best Companies For Most Private Student Loan Complaints

These companies received the most complaints for private student loans:

  1. Navient (676 complaints)
  2. GDT

    GDT
    (Sallie Mae) (145 complaints)
  3. AES / PHEAA (133 complaints)
  4. Nelnet (84 complaints)
  5. Discover (76 complaints)

Top Companies for Student Loan Collection Complaints

Under the Cares Act, federal student loan debt collection was halted in March. With that said, here are the top companies for student loan debt collection complaints:

Federal student loans

  1. Navient (109 complaints)
  2. Nelnet

    NNI
    (58 complaints)
  3. AES / PHEAA (56 complaints)

Private student loans

  1. Navient (89 complaints)
  2. Transworld Systems (28 complaints)
  3. Capacity restoration services (22 complaints)

Top complaints about student loans by geographic area

Here are the top complaints about student loans by state:

Federal student loans

  1. California (475 complaints)
  2. Texas (356 complaints)
  3. Florida (332 complaints)
  4. New York (327 complaints)
  5. Georgia (225 complaints)

Private student loans

  1. California (238 complaints)
  2. Texas (135 complaints)
  3. New York (130 complaints)
  4. Florida (121 complaints)
  5. Pennsylvania (98 complaints)

How to file a student loan complaint

If you want to file a student loan complaint, your student loan complaint must be in writing and must include supporting documents. You can address your complaint to:

  • Your lender
  • Your student loan manager
  • CFPB – Office of the Student Loans Ombudsman
  • US Department of Education / Federal Student Aid
  • Federal Trade Commission (FTC)
  • Your state attorney general
  • Your State Department of Education

Pay off student loans

Student loans can be frustrating. The sooner you pay off your student loans, the less worry you will have about your student loans. This includes developing a student loan repayment plan and training on all of your student loan options. Here are some good starting points, all free:


Student loans: reading

Trump: here’s my plan for student loans

Should You Refinance Student Loans Now?


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