February 4, 2014
Borrowers Trying to Repay Private Student Loans Early May Hit Snags
Private-student-loan lenders and servicers may be creating barriers for borrowers interested in paying off their debt in advance, according to a letter the Consumer Financial Protection Bureau sent to stakeholders on Monday.
With limited options for refinancing private student loans, borrowers in a stable financial position often attempt to pay off loans with higher interest rates more quickly.
The Chronicle Review