WASHINGTON (3/6/12)--Private student lenders, loan servicers, and associated debt collectors have been added to the list of financial service providers that the Consumer Financial Protection Bureau (CFPB) now accepts consumer complaints on, the agency announced on Monday.
"Borrowing for college should be the best investment you'll make, but for many Americans, paying off those student loans is a real challenge," Rohit Chopra, CFPB student loan ombudsman, said.
Chopra in a blog post said that the agency would work with student lenders and servicers to resolve consumer issues.
And to current and former students with loan debt, Chopra said, "While we certainly can't make your debt disappear, we can help bring your concern to your financial institution's attention."
The CFPB plans to have comment systems set up for comments and complaints on all consumer financial products and services by the end of 2012. The bureau last week announced it would start accepting consumer complaints regarding checking and savings accounts, and it also accepts complaints related to credit cards, mortgages, and other home loans. (See March 2 News Now story: CFPB accepting more consumer complaints)
The agency recently asked credit unions and other financial institutions, students, the higher education community, and others in the student loan industry to provide information on the role of schools in the private student loan marketplace, student loan underwriting criteria, repayment terms and behavior, loan servicing and loan modification, and financial education and default avoidance. The collected responses will be used to develop a comprehensive report on the private student lending market, and the CFPB is scheduled to deliver that report in the summer of 2012.
For the CFPB release, use the resource link.