Headline News
March 10, 2023

Loan Servicers Charged Late Fees, Interest After On-Time Payments, Federal Agency Finds

Some student loan providers charged borrowers late fees and interest despite payments being made on time, according to a new report on junk fees from the Consumer Financial Protection Bureau. The agency found that customer service representatives at multiple loan companies took credit card payments over the phone, despite the companies having policies against accepting credit cards to cover student borrowers’ outstanding debt. 
 
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