Millions of Americans are getting ready to repay their federal student loans next month, and many have questions – from where to get started online to what repayment plan is right for them. Early signs suggest that the companies the government pays to answer those questions are struggling, as borrowers flood their phone lines.
The Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, are watching loan servicers closely, collecting data on how much time borrowers spend on hold — and how many simply give up before they even get through.
“What you’re hearing is what we’re seeing as well,” Chopra told me in a recent interview.
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