As new data confirms, they frequently serve as debt traps, with borrowers unable to repay, taking out repeated loans, and struggling to cover basic living expenses for months on end.

“This is about a minority that doesn’t want a watchdog that will keep an eye on the big banks to make sure they don’t cheat their customers.” – Senator Elizabeth Warren.

AFR joined public interest groups in submitting a comment letter to the CFPB, arguing that additional information regarding private student loan servicing and collection is needed to design an effective loan modification program.

Under huge pressure and intense scrutiny, the CFPB’s “execution has been pretty darned good,” says AFR ‘s Lisa Donner..

Combing through a 1000-page contract, the Tribune found “some eye-opening fees.” Such as $2.95 for “reloading your account online using a credit card.”