CFPB’s Private Student Loan Payment Report Serves as a Guide to Preemptively Revising Loan Payment Policies

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The CFPB released its student loan ombudsman report analyzing complaints that the CFPB received from private student loan borrowers. In its second annual review of student loan practices, the CFPB reported that lenders make it hard for borrowers to pay off their loans early unless the recipients provide explicit instructions. With more than 3,800 complaints and other feedback from private student loan borrowers between October 1, 2012, and September 12, 2013, this is now a key area for enforcement.

Student debt totals approximately $1.2 trillion and there are over 7 million student loan borrowers now in default of their debt. Considering the significance of these statistics, we anticipate that the CFPB will target and continue to attempt to influence this industry.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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