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article imageBest and worst banks for student loans in the U.S.

By Tim Sandle     Jan 9, 2019 in Business
Analysts LendEDU have released two reports that have assessed the CFPB's Consumer Complaint Database for 2018. This is in relation to student loans in the U.S., considering intuitions assessed as ‘best’ and ‘worst’.
The first report reviews CFPB complaints of U.S. Banks in 2018. The Consumer Financial Protection Bureau (CFPB) is an agency of the U.S. government responsible for consumer protection in the financial sector. The CFPB runs a database where consumers can post issues and complaints about financial services. The complaints are made public after the company responds or after 15 days, whichever comes first.
With this report, for the third consecutive year, LendEDU has published a report featuring the most and least complained about banks. For the 2018 the company we sifted through 244,114 complaints to see which banks received the most and least complaints.
LendEDU is an online marketplace for a variety of financial products, including student loans, personal loans, and credit cards.
The assessments were based on which banks had received the most complaints relative to their annual deposit data. The analysis found that the TCF Financial Corporation was once again number one, followed by Citizens Financial Group, Fifth Third Bank, SunTrust Banks, and Comerica Incorporated. In all, ten of the biggest banks received zero complaints in 2018.
The second report assesses 2018's CFPB Student Loan Complaints. For this analysis, LendEDU styled the report to include all data-points from the CFPB's report, plus a few compiled from LendEDU’s own database.
The second report reviewed some 9,946 student-loan related CFPB complaints, which were filed by consumers in 2018. This analysis set out to uncover the most common student loan issues, the most complained about student loan companies, and so on.
In terms of the types of complaints submitted, consumers often record a specific issue they with their federal student loan. This includes selecting options like: “dealing with lender or servicer,” “struggling to repay a loan,” and “problem with credit report or credit score.”
This analysis found that, relative to their federal student loan portfolio, the financial lender Navient had more than double the amount of federal student loan complaints per million loan recipients when compared to the next closest servicer. Other complaints were levelled against lenders AES/PHEAA and Nelnet.
Going forwards, the CFPB will no longer be publishing their version of the student loan complaint report, which makes LendEDU’s report a key one of students and families seeking loans to support education programs.
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