CFPB scholar Loan Ombudsman highlights FFELP loans in 4th yearly report

The CFPB circulated its fourth Annual Report for the education loan Ombudsman talking about complaints gotten because of the CFPB about private and student that is federal in addition to classes drawn by the Ombudsman from those complaints. (The report ended up being released by Seth Frotman, that is presently serving as Acting scholar Loan Ombudsman following the departure of Rohit Chopra this June that is past. The report is dependant on the CFPB scholar Loan Ombudsman’s analysis of around 6,400 personal education loan associated complaints and 2,700 commercial collection agency complaints pertaining to personal and federal student education loans submitted into the CFPB from October 1, 2014 to September 30, 2015. (This continues to express a extremely low grievance price provided the an incredible number of personal student education loans outstanding. )

The education loan Ombudsman’s report comes regarding the heels regarding the report on education loan servicing given by the CFPB by the end of final month which discussed feedback submitted in response to a ask for Information Regarding scholar Loan Servicing posted by the CFPB in might 2015. That report ended up being followed by a Joint Statement of Principles on scholar Loan Servicing issued by the CFPB, U.S. Department regarding the Treasury, therefore the U.S. Continue reading