http://files.consumerfinance.gov/f/documents/201706_cfpb_PSLF-midyear-report.pdf
Excerpts below.
The current federal programs described in our 2013 report were designed to protect borrowers from the long-term economic consequences of the rising student indebtedness shouldered by many who pursue careers in public service. In effect, these protections were intended to ensure that nurses, teachers, first responders, and other public servants can serve their communities without it being to their long-term financial detriment, particularly as college costs continue to rise and advanced education requirements expand.
Unfortunately, too often this is not the case. As described in detail in the following report, many borrowers attempting to invoke their rights under federal law to these protections point to a range of student loan industry practices that delay, defer, or deny access to critical consumer protections. The Bureau is committed to monitoring the industry for key issues and illegal practices affecting borrowers who are trying to access key consumer protections so they can continue to give back to their communities.
Over the past 12 months, the Bureau saw a 325 percent increase in student loan complaints, in which consumers identified a range of problems with payment processing, billing, customer service, borrower communications, and income-driven repayment (IDR) plan enrollment.
Excerpts below.
The current federal programs described in our 2013 report were designed to protect borrowers from the long-term economic consequences of the rising student indebtedness shouldered by many who pursue careers in public service. In effect, these protections were intended to ensure that nurses, teachers, first responders, and other public servants can serve their communities without it being to their long-term financial detriment, particularly as college costs continue to rise and advanced education requirements expand.
Unfortunately, too often this is not the case. As described in detail in the following report, many borrowers attempting to invoke their rights under federal law to these protections point to a range of student loan industry practices that delay, defer, or deny access to critical consumer protections. The Bureau is committed to monitoring the industry for key issues and illegal practices affecting borrowers who are trying to access key consumer protections so they can continue to give back to their communities.
Over the past 12 months, the Bureau saw a 325 percent increase in student loan complaints, in which consumers identified a range of problems with payment processing, billing, customer service, borrower communications, and income-driven repayment (IDR) plan enrollment.
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