The Consumer Financial Protection Bureau (CFPB), a federal government agency in the United States, collects complaints about banks and other financial institutions. That includes lenders of student loans.
The CFPB and private-sector firms analyze these complaints, looking for patterns. Forbes magazine reported:
"The team at Make Lemonade analyzed these complaints [submitted during 2018], and found that there were 8,752 related to student loans. About 64% were related to federal student loans and 36% were related to private student loans. Nearly 67% of complaints were related to an issue with a student loan lender or student loan servicer."
"Navient, one of the nation's largest student loan servicers, ranked highest in terms of student loan complaints. In 2018, student loan borrowers submitted 4,032 complaints about Navient to the CFPB, which represents 46% of all student loan complaints. AES/PHEAA and Nelnet, two other major student loan servicers, received approximately 20% and 7%, respectively."
When looking for a student loan, wise consumers shop around, do their research, and shop wisely. Some lenders are better than others. The Forbes article is very helpful as it contains links to additional resources and information for consumers.
Learn more about the CFPB and its complaints database designed to help consumers and regulators: