The number of complaints from private student-loan borrowers to the Consumer Financial Protection Bureau increased by roughly 20 percent in the past year, from 5,300
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The number of complaints from private student-loan borrowers to the Consumer Financial Protection Bureau increased by roughly 20 percent in the past year, from 5,300 last year to 6,400 in the past year, according to the annual report of the bureau’s ombudsman.
Another key finding in this year’s report: A whopping 95 percent of borrowers with federal loans made by private lenders are not enrolled in income-driven repayment plans, an option heavily advertised by the Obama administration that allows borrowers to cap their monthly payments.
The report also breaks down the number of complaints per company:
The report concludes by recommending that policy makers push forward measures to publish more data on student-loan performance and servicing.
