The number of consumers age 60 and older with student loan debt has quadrupled over the last decade in the United States, and the average amount they owe has also dramatically increased. This Snapshot describes the increasing burden of student loan debt on older consumers, as well as the impact that the increased debt burden is having on older borrowers’ impacting financial security.
Research and reports
We study how consumers interact with financial products and services to help identify potential problems in the marketplace and achieve better outcomes for all. Review our reports and analyses to help inform your decisions, policies, and practices. And, see reports that we periodically prepare about the CFPB.
Building a brighter future by saving at tax time
Building and retaining savings is important because it provides a financial foundation on which to plan for the future.
In this issue of Supervisory Highlights, we report examination findings in the areas of automobile origination, automobile servicing, debt collection, mortgage origination, student loan servicing, and fair lending. As in past editions, this report includes information about recent public enforcement actions that were a result, at least in part, of our supervisory work. The report also includes information on recently released examination procedures and Bureau guidance.
This report highlights debt collection and servicing problems plaguing the federal programs designed to help defaulted student loan borrowers get on track and into affordable repayment plans.
This report analyzes complaints submitted by consumers from October 1, 2015 through May 31, 2016 and highlights the issues that consumers face when seeking to enroll in an income-driven repayment plan.