Too Many Student Loan Borrowers Struggling, Not Enough Benefiting from Affordable Repayment Options
Private student loan borrowers report difficulties in
getting affordable repayment options during times of financial distress, such as unpaid parental leave or employment furloughs.
Illinois borrowers have complained to the AG's office that loan servicers have failed to inform them
of affordable repayment options, follow borrower payment instructions and answer questions consistently.
If teens and their parents can agree on an amount and a cosigner, and find
an affordable repayment option, personal loans are a much better choice than introducing teenagers to credit cards.
In the worst case, processing problems can effectively prevent borrowers from accessing
an affordable repayment option.
For struggling homeowners and student loan borrowers, the consequences of being unable to find
an affordable repayment option are severe.