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Tuesday, October 16, 2012

CFPB Student Loan Ombudsman Report

The CFPB has released the first annual report of the CFPB Student Loan Ombudsman, a report detailing problems reported by private student loan borrowers. Dodd-Frank established a student loan ombudsman within the CFPB and mandated the ombudsman prepare an annual report and make appropriate recommendations to the Secretary of the Treasury, the Director of the CFPB, the Secretary of Education, and Congress.

According to the report, private student loan borrowers say they are sometimes surprised by the terms and conditions of their loans, they are given the runaround by their loan servicer, and they have few options to refinance or modify repayment for a better deal.

Read the report.

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