But sadly, in the case of student loan services, that is not the case.
The Consumer Financial Protection Bureau recently found that service men and women are finding it increasingly difficult to access the student loan repayment protections granted to them under federal guidelines.
The CFPB’s report, “The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform,” outlines roadblocks service members have faced in repaying their student loan debt. According to the National Center for Education Statistics, in 2008 the average total student loan debt of active members of the military who were graduating from college that year was $26,000. In repaying this, the report found service members:
- Receive incomplete or inaccurate information
- Have difficulty navigating the system of benefits
- Face challenges when trying to receive their benefits
In conjunction with this report, the CFPB is partnering up with the Department of Defense to create better awareness of the rights and options for service member student loan borrowers.
To read the report and find out more about the steps CFPB is taking next, please click here.