Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report finding consumers complain of servicing problems that make it difficult to get lower student loan payments tied to their income. Student loan borrowers seeking to take advantage of income-driven repayment plans with their federal student loans complain to the CFPB about prolonged processing delays and wrongful rejections by their student loan servicers.
I am pleased to join Secretary King and Deputy
Secretary Raskin to take this step toward reforming the student loan servicing
market. This is an important milestone in our continued efforts to better
protect consumers by addressing the many student loan servicing problems that
we have highlighted in recent years.
Student Aid Institute Illegally Tricked Borrowers Into Paying Fees for Federal Loan Benefits WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took action to halt a student loan debt relief scam that illegally tricked borrowers into paying fees for federal loan benefits and misrepresented to consumers that it was affiliated with the Department […]
Student Loan Processing.US and Owner Charged Student Loan Borrowers Millions in Illegal Fees WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) requested that a federal district court enter a final judgment and order that would shut down a student debt relief scheme that charged borrowers millions of dollars in illegal upfront fees for […]
Examiners Uncover Illegal Practices in Student Loan Servicing, Mortgage Origination and Servicing, Consumer Reporting, and Debt Collection Markets WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners from May 2015 to August 2015. The Bureau found violations in the student […]