On January 5, 2017, the Consumer Financial Protection Bureau (“CFPB”) released a report on the complaints from older student loan borrowers about the servicing practices of the lenders. According to the report, older borrowers who are struggling to make payments are complaining about obstacles to enrolling in income based payment plans and accessing protections when they serve as cosigners. The report also noted that in 2015 nearly 40% of federal student loan borrower aged 65 and older were in default.
A copy of the report is available through the CFPB’s website.
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