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Category: Op-ed |

Stressed out by student debt

Crossposted from the Milwaukee Journal Sentinel. This opinion editorial originally ran on May 14, 2015 online. As millions of students and their families across the country celebrate graduation season, many will be joining the ranks of the more than 40 million other Americans on the hook for over $1.2 trillion in student debt. The average […]

Category: Testimony |

Written Testimony of Rohit Chopra before the Committee on the Budget

My name is Rohit Chopra, and I serve as an Assistant Director at the Consumer Financial Protection Bureau (Bureau), where I lead an office that focuses on issues facing students and young Americans. In 2011, I was also designated by the Secretary of the Treasury as the Student Loan Ombudsman within the Consumer Financial Protection Bureau, a new role established by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Category: Speech |

Prepared Remarks by Rohit Chopra Before the Federal Reserve Bank of St. Louis

Thank you to President Jim Bullard and everyone at the Federal Reserve Bank of St. Louis for inviting me to speak today on the impact of rising student debt on the balance sheets of young American households. As the name of St. Louis Fed’s Center indicates, household financial stability is a key ingredient to the health of our economy and financial system. First, I will outline some of the distressing debt and wage trends among young Americans. I will then discuss some of the striking structural similarities between the mortgage and student loan markets, particularly in the years leading up to the crisis. Finally, I will argue that we must resist the temptation to address these concerns solely through an education policy lens, when, in fact, they may require very significant attention from financial regulators and the financial services industry.

Category: Blog |

Student Debt Domino Effect?

While many in Washington are focused on what loans look like for future borrowers, there may be a domino effect on the broader economy if we ignore borrowers currently stuck with high student loan payments.