CFPB Analyzes Student Loan Complaints

The CFPB analyzed consumer complaints concerning private or federal student loans, including those related to debt collection and COVID-19.

In an annual report, the CFPB stated that the 7,000 complaints submitted this year comprise a decrease from last year, continuing a trend from 2017. The CFPB identified the relief from the CARES Act as contributing significantly to the decrease in complaints since March 2020.

In light of the pandemic, the CFPB recommended that policymakers (i) simplify loan repayment plans, (ii) reinforce efforts to close socioeconomic and racial gaps in educational degree attainment, and (iii) aggressively pursue student loan debt relief scams.

The CFPB reported that total student loan debt is $1.677 trillion, second only to home mortgages in outstanding household debt.