Category: To Congress
Report of the CFPB Education Loan Ombudsman
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) this report analyzes complaint data from September 1, 2021, through August 31, 2022, and notes an overall increase in complaints. This report also covers the student lending market and makes recommendations to policymakers and law enforcement officials. Among other things, the report highlights borrower experiences regarding defenses to repayment for borrowers who attended predatory institutions (including the protections provided by the Holder Rule), collection on non-qualified private student loans that have been discharged in bankruptcy, and processing delays and incorrect information provided by federal student loan servicers.