Study: New Database Helping Student Loan Borrowers
- Problems plague servicing of private student loans, CFPB says
- Consumer Protection Bureau says some private loan borrowers face co-signer issues
- Consumer Financial Protection Bureau to seek oversight of loan servicers
- Federal agency requests comment on private loan modifications
- CFPB is investigating Corinthian Colleges, possibly focusing on student lending
More than 330 consumers have received financial compensation as a result of complaints they have made on a new federal database about the lenders for their student loans, according to a report released Thursday by the U.S. PIRG Education Fund. The report examined the results of complaints filed with the new Consumer Financial Protection Bureau's public Consumer Complaints Database. The 330 represent about 8 percent of all complaints filed. Another 500 borrowers (about 12 percent of complaints filed) had complaints closed with non-monetary agreements, such as changes in collection proceedings. "The CFPB levels the playing field for private student loan borrowers who may feel at the mercy of their student lender," said Laura Murray, consumer associate for the U.S. PIRG Education Fund. "Filing a complaint to the complaints database can get real results for consumers."