The National Collegiate Student Loan Trusts and loan servicer Pennsylvania Higher Education Assistance Agency may have to pay $3 million in compensation to student loan borrowers whose requests for payment relief, including during the COVID-19 national emergency, went ignored, according to Consumer Financial Protection Bureau . The student loans in question are private and part of a securitized pool of loans acquired by NCSLT, the CFPB said in a statement.
Consumers are increasingly struggling to keep up with debt primarily because higher prices are driving personal expenses up, according to a recent survey by Achieve. Roughly one-third of consumers find it challenging to pay their revolving debt on time and most said it was because they didn't have enough money to cover their spending.
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