Student Loan Hero CEO, Andrew Josuweit, was a recent contributor to a student loan news article on Forbes. The post, titles “8 Ways Private Lenders Make Your Life With Student Debt Harder”, highlighted many of the shortcomings many private student loan servicers push onto student loan borrowers.
Most of the highlighted grumblings and customer complaints are derived from a recently published CFPB report titled, “Annual Report of The CFPB Student Loan Ombudsman“.
Here is a quick snippet discussing Student Loan Hero…
“Andy Josuweit, CEO of loan-organizing website Student Loan Hero (for $5 per month it helps track all of your student loans), says that he’s seen Student Loan Hero users struggle with this very issue — and in fact, it’s one of the most common issues he’s finding. “The biggest thing I’m seeing is users don’t know how to accelerate payments. If you call [the lender] and tell them you want to split your payments, they might say it’s not possible, mainly because they don’t want to do the work,” he says. Or, he allows, the person on the end of the phone might just not know how to put the extra $50 towards the loan with the 7.2% interest rate and not the loan with the 2.7% rate.”
“If you do want to make an extra payment towards one specific loan, Josuweit says that for most lenders, the best bet is to do it via snail mail — not online, and not over the phone. “You have to send a check in and specify in the check memo which loan you’re paying down,” he says.”
You can read the Entire Forbes Post here: “8 Ways Private Lenders Make Your Life With Student Debt Harder“
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