Meanwhile, the Huffington Post reported that on Thursday, the Consumer Financial Protection Bureau “launched a broad review of the often murky business of student loan servicing, questioning whether the roughly 40 million Americans with student debt are being treated fairly under a patchwork of rules and market forces that could leave them vulnerable to abuse.”
The review, wrote HuffPo financial and regulatory correspondent Shahien Nasiripour, “is the clearest sign that the federal consumer agency intends to establish stronger rules governing the roughly $1.2 trillion student debt market. Nearly 90 percent of student debt is overseen by the oft-criticized U.S. Department of Education, and borrowers say dodgy practices are common, bad information rampant, and basic necessities like full payment histories or accurate pay-off amounts often hard to obtain.”
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