14 million student-loan borrowers to pay debt to new companies: CFPB

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Over 14 million student-loan borrowers will resume payments this year under new companies — and that'll further 'complicate' the repayment process, a federal consumer watchdog says

enrolled in the Public Service Loan Forgiveness program last year, and since then, many borrowers have recounted struggles with the company.he had a simple question regarding the status of his PSLF payments, but he ended up spending hours on hold with MOHELA to no avail.

"I'm in this limbo period not really knowing what's going on with my student loans," he said."I'm not even trying to call and ask about the student loan forgiveness. I just want to know simple things.". In the budget Congress approved late last year, it did not allocate any increased funding for FSA — which the Education Department acknowledged could limit the resources and programs it is able to effectively carry out.

 

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