Annual Report of the CFPB Private Education Loan Ombudsman 2020
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) established a Private Education Loan Ombudsman within the Consumer Financial Protection Bureau. Pursuant to the Act, this annual report provides information regarding complaint data from September 1, 2019, through August 31, 2020, including COVID-19 complaint data. The report notes that a Memorandum of Understanding regarding the sharing of complaint information was signed with the Department of Education on January 31, 2020, and highlights some collaborative efforts between the Bureau and the Department. The report provides an overview of the student loan market, notes that student loan debt is now $1.677 trillion, and provides information regarding socio-economic and racial gaps in debt burden and degree attainment. This report provides Policymakers with recommendations regarding CARES Act-related relief for student loan borrowers, other relief for student loan borrowers, socio-economic and racial gaps regarding student loan debt and degree attainment, borrower education when relief ends, and student loan debt relief scams.