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Consumer Financial Protection Bureau

It’s not too late to share your #studentdebtstress story

In May, we asked you to tell us your #StudentDebtStress story by July 13th. It’s not too late to share your story.

Over 40 million Americans are working to repay more than $1.2 trillion in outstanding student loan debt.

Some borrowers have already shared with us their experiences with their student loan servicer (the company that sends a bill each month). We’ve released the first batch of your stories and we encourage you to take a look at what we’re hearing from the public at regulations.gov.

CFPB Public Hearing on Student Debt

If you live in Milwaukee or plan to be there this week, consider joining the Consumer Financial Protection Bureau for a public hearing on student debt this Thursday. 

Reminder: What happens to your student loans if your school is shut down

When you’re told that your college will be shutting down, there can be a lot of uncertainty about what comes next. In light of recent closures of certain for-profit colleges, we wanted to share some helpful advice to help you navigate the situation.

Google Hangout With CFPB hosted by Higher Education Advocates Provides Tips on Managing Student Debt

On Tuesday, Young Invincibles and StudentDebtCrisis.org hosted a Google Hangout on the “Top 5 Tips for Tackling Your Student Debt.” Rohit Chopra, of the Consumer Financial Protection Bureau, offered some of his best tips for managing student loan debt. In case you missed the great conversation, here’s a brief recap of some of the advice offered:

CFPB New Rule to Oversee Student Loan Servicers

The Consumer Financial Protection Bureau (CFPB) issued a new rule that puts the seven largest non-bank student loan servicers under its supervisory jurisdiction. Student loan servicers are third-party companies such as Sallie Mae, Great Lakes Educational Loan Services, Nelnet Servicing and the Pennsylvania Higher Education Assistance Agency that manage borrowers account and process their monthly payments. Under this new rule, they will join banks that service student loans in being regulated by the CFPB.

How Much Impact Does Student Debt Really Have on the Economy?

Student loan debt is rapidly approaching $1.2 trillion. What’s worse is that, with little reliable data available about the impact of student loan debt, we can't assess the real effect it's having on the economy. Regardless, we do know that student debt isn't good for sustaining a growing nation.

Freshly-minted, young graduates should be leaving college ready for the workforce and to help feed our thriving economy. Instead, burdened with high amounts of student debt, they usually don't have the extra cash to thrust back into the economy.

CFPB Report Finds Private Student Loan Borrowers Have Real Concerns

As college tuition and fees continue to rise, more students are finding that they have to turn to private loans - which are usually tagged with higher interest rates and less consumer protections than federal loans - in order to finance their degree. As of July 2012, about 850,000 private loans were in default.

This new report from the Consumer Financial Protection Bureau (CFPB), summarizes roughly 3,800 complaints on private student loans received from October 1st, 2012 to September 30th, 2013. The most common complaints reported by students were having difficulties making advanced payments on their loans