Student loans can be expensive, but a few preventative steps can help avoid unnecessary costs.
The Consumer Financial Protection Bureau recently issued a warning to consumers to pay close attention to their personal information on record with student loan servicers as errors are popping up that can cost borrowers hundreds of dollars more in additional student loan debt.
The watchdog agency said the problems are tied to incorrect or incomplete enrollment status information. Enrollment status tracks when someone is enrolled and expected to graduate. This information is used to calculate when repayment and interest compounding begins.
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