The Consumer Financial Protection Bureau (CFPB) has published a report discussing the 22,900 complaints it received from student loan borrowers between September 2016 and August 2017. In its Annual Report of the CFPB Student Loan Ombudsman, the consumer protection agency listed the most common repayment complaints it received from borrowers with private and federal education debt. These complaints mention problems that include: Problems accessing federal loan protections: Borrowers reported difficulties accessing basic federal loan protections. For example, borrowers reported difficulties accessing protections that are designed to prevent default during periods of economic hardship. In some cases, borrowers with total and permanent disabilities had difficulties receiving loan discharges. Problems enrolling in income-driven programs: Income-driven programs allow borrowers to cap monthly payments to a percentage of their discretionary income. However, borrowers reported difficulties enrolling in and recertifying their income for these programs each year. Complaints mention problems with lost paperwork, poor customer…
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A report released by the Consumer Financial Protection Bureau (CFPB) has uncovered alarming news about student loans. The report details multiple changes in student loan repayment trends that have occurred over the last decade. These changes include: A two-fold increase in the number of borrowers leaving school with $20,000 or more in student loans. In addition, the percentage of borrowers leaving school with $50,000 or more in student loans has tripled. More borrowers are taking on student loan debt at older ages. The CFPB report found that 50 percent of student loan borrowers are 34 years or older when they begin repayment. This number was 25 percent in 2003. In addition, the number of borrowers who entered repayment before turning 25 years old decreased from 30 percent in 2003 to 15 percent in 2016. Thirty percent of borrowers are failing to pay down their balances after five years of repayment….
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