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Remarks of Rohit Chopra Student Loan Ombudsman Consumer Financial Protection Bureau Congressional Forum on Student Loans August 27, 2012 Chicago, IL Congressman Quigley, thank you for hosting today’s forum on student loans. This is not only an important issue for families here in Illinois, but for all of us across the country. To prosper in [...]
Testimony of Rohit Chopra Student Loan Ombudsman, Consumer Financial Protection Bureau Before the Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection July 24, 2012 Chairman Brown, Ranking Member Corker, and members of the subcommittee, thank you for holding this hearing today on an issue that touches so many [...]
This past winter, we issued a Request for Information to hear about people’s experiences with private student loans. We have now published the nearly 2,000 comments we received in reply.
The Dodd-Frank Act also requires the Bureau to analyze private student loan borrower complaints and offer recommendations to the Treasury Secretary, Education Secretary, and Congress. To help us get a more complete picture of the issues, we are now issuing a Request for Information about private student loan complaints. We have also asked state and local officials and advocacy groups to share what they have learned.
Recently, we undertook what we understand is the first major effort to understand the size of the private student loan market. This market went through the same boom and bust cycle we saw play out in markets for mortgages and other credit products. Our initial findings on the size of the private student loan market [...]
If you have a complaint about student loans, we are ready to hear from you. For the first time, a single agency is now responsible for watching out for all students and families who choose to borrow private student loans.
If you want to tell us what is – or is not – working for you, we invite you to tell your story. If you want to submit a student loan complaint, submit it online or by calling 1 (855) 411-CFPB (2372).
Earlier this week, we issued a memorandum to consumers and industry participants who submitted comments on our Know Before You Owe: Student Loans project. We got feedback on almost every aspect of the “financial aid shopping sheet” prototype, and a majority of those who commented said a standardized way of receiving financial aid information is [...]
