Problem With a Private Student Loan? Federal Agency Will Take Your Complaint

The Consumer Financial Protection Bureau will begin collecting complaints regarding private student loans, its director announced today. In a statement, Richard Cordray said the bureau will be a "one-stop federal agency" where borrowers can "ask questions, get information, and file a complaint."

Until recently, private student lenders were regulated by a patchwork of state and federal authorities. Student borrowers with complaints about loans made through private lenders have had to comb through bank charters and navigate an "alphabet soup" of acronyms to determine which agency to write to, Rohit Chopra, the bureau's ombudsman, said on Monday at a student-aid symposium held by the National Association of Student Financial Aid Administrators.

Problem With a Private Student Loan? Federal Agency Will Take Your