A new report uncovers massive problems in the way companies are collecting graduates’ money across the nation.
U.S. Department of Education’s inspector general issued a report that shows nine companies servicing student loans repeatedly failed to do their jobs properly for years.
Last week, WINK News reported about the massive debt students are facing after college. Another discovery shows students may not be receiving accurate information when it comes to re-payment.
Student loans are big business. In fact, it’s a $1.5 trillion business, and the government didn’t hold the companies detailed in the report accountable.
Two of the biggest recurring problems
- Loan servicers failed to tell people about repayment options.
- And miscalculated people’s monthly payments.
While the government organization overseeing the student loan servicers disagrees with the report, it did agree to follow the report’s recommendation.