The Consumer Financial Protection Bureau has sued two student financial aid companies, alleging the groups failed to provide essential information to borrowers who had questions about their private student loans during the COVID-19 pandemic.
According to the May 6 complaint, thousands of borrowers whose loans were owned by a collection of 15 trusts known as the National Collegiate Student Loan Trusts and serviced by Pennsylvania Higher Education Assistance Agency (PHEAA) were denied information they needed during the pandemic, including basic yes or no responses to questions.
