Much like homeowners who took on private loans that they didn’t fully understand, some students also took on loans outside of the federal student loan program that they might not have fully understood, the Consumer Financial Protection Bureau says.
The federal agency recently asked for public comments on the experiences of private student loan borrowers. (This week, it also asked state attorneys generals, colleges and others for information about borrower complaints.)
Among the nearly 2,000 responses it received are these from former Ohio students, the association representing private Ohio colleges and others.
The general theme of the responses, according to the Chronicle of Higher Education:
Many borrowers of private student loans are frustrated by their limited options to repay increasingly unmanageable piles of debt.
Consumer Financial Protection Bureau Public Comments – Ohio Excerpts
Note: The CFPB has redacted personal information in these comments. The agency says: “Although the Bureau solicited these comments in connection with a notice and request for information published in the Federal Register that provided notice that the Bureau intended to publish the responses, the Bureau has chosen to present this collection of comments with certain redactions of personal information, including personally identifiable information, in order to protect respondents’ privacy as it concerns the details of their personal finances.”