Private Student Loan Borrowers Finally Have a Place to Turn for Help
Consumer Financial Protection Bureau Starts Taking Their Complaints

March 5, 2012
Statement of Pauline Abernathy
Until today, private student loan borrowers had virtually nowhere to turn for help. Consumers had to navigate a sea of acronyms—including OCC, FDIC, FRB, FTC and FSA—just to know which federal agency had authority over their lender, and even then they were frequently left at the mercy of their lender. With today’s launch of the Consumer Financial Protection Bureau’s consumer response function, students and private loan borrowers finally have a place to turn, whether they are just considering taking out a private loan, they are having problems repaying their private loan, or they are managing a loan that has gone into default and may have been referred to a debt collector.