Offers recommendations to policymakers and market participants, calling for immediate action to strengthen the transition from loan default to income-driven repayment (IDR) plans by improving monitoring the repayment behavior of high-risk borrowers. The report analyzes thousands of complaints directed at private, debt collection, or federal student loans between September 1, 2015, and August 31, 2016. The analysis of these complaints suggests that borrowers assigned to the largest student loan service providers may encounter widespread problems, whether these borrowers are trying to get ahead or struggling to keep up with their student debt.
Annual Report of the Consumer Finance Protection Bureau Student Loan Ombudsman: Transitioning from Default to an Income-Driven Repayment Plan
Consumer Financial Protection Bureau