A Year Without Action: An Analysis of Borrower Complaints

This report documents the widespread abuses across the student loan industry, as described by more than 13,000 student loan borrowers who submitted complaints to the federal Consumer Financial Protection Bureau (CFPB) last year. Borrowers across the country describe being squeezed between mounting debt and predatory companies. Complaints show problems for servicemembers and veterans seeking protections earned through military service, older borrowers trapped in high-rate private student loans as they enter retirement, and teachers stymied when seeking benefits intended to reward their public service. Despite being required by federal law to produce an annual report documenting borrower complaints, the Trump Administration has failed to do so since assuming control over the CFPB more than one year ago—ignoring mounting evidence of the nation’s growing student debt crisis. The SBPC was founded by former CFPB officials, whose reports, issued each year since the office was created, helped lead to $750 million for students. Read more…