CFPB Probes Co-Signers and Student Loan Debt

Dear Colleagues, Student loans are usually thought of as a younger American issue, but in reality there are an increasing number of older Americans (ages 65-74) paying back student loan debt. According to a recent GAO study, outstanding federal student loan debt owed by older borrowers grew from less than $3 billion in 2005 to more than $18 billion in 2013. To read our most recent blog on older consumers and student loan debt, click here. On May 14, 2015 the CFPB requested comments on student loan servicing. We now want to hear from you on how student loan servicing is affecting older consumers. You can tell us what you’re seeing by clicking this link to send us an email or you can go to regulations.gov to submit a comment online. We’re accepting submissions through July 13, 2015. Please don’t include sensitive information like account numbers and social security numbers in your comments. Thank you, Nora Dowd Eisenhower Office for Older Americans Consumer Financial Protection Bureau