credit & debt

Watch for Student Loan Errors

Some loan servicers may be dropping the ball on keeping you up-to-date on how much you may owe.

If you’re paying off student debt, you may not be able to rely on the company that manages your loan to help you select the best repayment option—or even give you accurate information about how much you owe.

A recent report by the U.S. Department of Education’s Office of Inspector General found that the companies the department pays to manage and collect payments on federal student loans—known as loan servicers—failed to provide borrowers with accurate information about repayment options. Some also miscalculated payment amounts for borrowers.

Borrowers should keep track of the balance, payment history, loan servicer and repayment status for each loan. Before consolidating federal student loans or switching repayment plans, visit www.studentaid.ed.gov/sa/repay-loans/understand/plans to confirm information you’ve received from your loan servicer.

If you find an error or have other problems with your loan servicer, file a complaint on its website. If you don’t get a response, file a complaint with the Department of Education at https://feedback.studentaid.ed.gov. Depending on where you live, you may also be able to get help from a state student loan ombudsman.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
The 12 Best Consumer Discretionary Stocks to Buy for 2022
stocks to buy

The 12 Best Consumer Discretionary Stocks to Buy for 2022

Consumer discretionary stocks may be among 2022's most challenging places to invest in. But these picks could overcome several sector headwinds.
January 4, 2022
How to Know When You Can Retire
retirement

How to Know When You Can Retire

You’ve scrimped and saved, but are you really ready to retire? Here are some helpful calculations that could help you decide whether you can actually …
January 5, 2022

Recommended

What to Do When You Can’t Pay Holiday Debt
Budgeting

What to Do When You Can’t Pay Holiday Debt

More Americans borrowed money to pay for holiday purchases and now the bill is due. Balance transfer cards offer a reprieve.
January 19, 2022
Freeze Your Credit in 3 Steps
credit & debt

Freeze Your Credit in 3 Steps

Freezing your accounts at the three major credit bureaus is the best way to prevent thieves from opening new credit accounts in your name.
January 10, 2022
Good Marriage, Bad Credit
Starting a Family

Good Marriage, Bad Credit

Credit reports aren’t merged for married couples, but their individual records affect joint loans.
December 21, 2021
How to Nix Checking Fees
Making Your Money Last

How to Nix Checking Fees

Strictly free accounts aren’t the only way to bank - almost all banks and credit unions offer ways around paying fees.
December 20, 2021