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Wednesday, April 23, 2014

CFPB Reports on Student Loan Complaints

The CFPB received over 2,300 complaints from private student loan borrowers from October 2013 to March 2014 — 15% more than the same period a year before. Nearly half were directed at a single company and another third were aimed at eight other companies, which reflects the concentration of the student lending and servicing market.

Most complaints centered around dealing with a lender or servicer. More than three-quarters of complaints were closed after an explanation, and only 20% were closed with monetary or non-monetary relief for the borrowers.

Read more.

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