The number of complaints from private student-loan borrowers to the Consumer Financial Protection Bureau increased by roughly 20 percent in the past year, from 5,300 last year to 6,400 in the past year, according to the annual report of the bureau’s ombudsman.
Another key finding in this year’s report: A whopping 95 percent of borrowers with federal loans made by private lenders are not enrolled in income-driven repayment plans, an option heavily advertised by the Obama administration that allows borrowers to cap their monthly payments.
Read more at The Chronicle of Higher Education: http://chronicle.com/blogs/ticker/complaints-from-private-student-loan-borrowers-rise-as-few-enroll-in-income-based-repayment/105812