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Thursday, October 16, 2014

CFPB Issues Report on Private Student Loan Borrowers Driven Into Default

The CFPB has released a report highlighting complaints by struggling private student loan borrowers who express being driven into default. Distressed borrowers report that they receive little information or help, that there are no affordable loan modification options available, and that the alternatives to default are temporary at best.

CFPB Director Richard Cordray noted:
We are hearing from consumers that they are driven into default because private student loan companies are not providing concrete loan modification options. Struggling private student loan borrowers are finding themselves out of luck and out of options. Lenders and servicers must redouble their efforts to deal with these distressed borrowers.

Read the report.

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