The Consumer Financial Protection Bureau (CFPB) has opened a student loan complaint system for issues regarding private student loans. The bureau promises to work with a student or former student and lender to resolve the issue. Federal student loan borrowers have had the Department of Education’s federal student aid ombudsman to help with their concerns to financial institutions. For millions of families, the federal student loans did not cover the full cost of college, and there was a need for private student loans to finalize payment.
Congress established an ombudsman’s office for private loans within the Consumer Financial Protection Bureau to assist borrowers with private student loan complaints. This agency is responsible for watching out for all families who choose to borrow private student loans.
Complaints can be filed using the CFPB website or by calling (855) 411-2372 toll free.