U.S. student loan personal debt reached an archive large total from $step 1.465 trillion inside . That’s more twice as much $675 mil as a whole personal debt outstanding in 2009, the entire year the good Market meltdown ended. Of greater than forty two.six billion consumers, more dos.7 million are obligated to pay more than $one hundred,one hundred thousand, plus nearly 700,000 whom owe over $200,one hundred thousand.
It must be not surprising that with that many borrowers, you’ll encounter specific grievances. With respect to the CFPB’s annual report to own 2017, this type of issues features returned over $750 million to student loan consumers.
From , an individual Financial Cover Agency (CFPB) had received over fifty,700 problems associated with private and you can federal student education loans and one nine,800 regarding financial obligation collections with the the individuals loans
For the 2018, the latest service for the first time didn’t procedure an annual statement. In the Sep, the latest CFPB’s education loan ombudsman Seth Frotman retired.