Hopefully you will never have to deal with a problem concerning a student loan. However, knowing where to turn to can be the difference between getting a quick resolution or being frustrated.
For a long time the Department of Education has been the place to help resolve problems with Stafford, Perking, Plus and other federally backed loans. You can reach the federal student aid ombudsman directly at ombudsman.ed.gov.
However, this department did not cover private student loans. Now for the first time, borrowers with complaints about private student loans have a single place to file them: the Consumer Financial Protection Bureau.
This is good news for private student loan borrowers because until now a borrower would have to search far and wide to figure out which regulatory agency had authority over their lender.
You can get a hold of the Consumer Financial Protection Bureau by going to http://www.consumerfinance.gov/
When it comes to college planning we don't use student loans as a primary tool for financing a college education. There are many tools and strategies that can be utilized first that can decrease or even eliminate the need for student loans.
One of the best ways to learn about these strategies is by attending one of my FREE college planning workshops. Simply register here.