CFBP Asks States to Weigh In on Private Student-Loan Complaints
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The Consumer Financial Protection Bureau is asking state attorneys general, schools and advocacy groups to share information about complaints over private student loans.
The federal agency has been collecting information about private student loans, which don’t have the same protections as federal loans such as deferment and income-based repayment. It published almost 2,000 complaints today on its website from borrowers, many telling tales of hardship after amassing $100,000 in debt.