Consumer Financial Protection Bureau Report Highlights the Burden of Student Loan Debt and Options
Tuesday, May 21, 2013
Washington, D.C. – A new report by the Consumer Financial Protection Bureau details the staggering debt that burdens an increasing number of graduating college students.
The report highlights how this debt burden is having a long term, damaging “domino effect” on the economy by making it even more difficult for young adults to purchase their first home, start a small business, and save for retirement.
The report identifies a number of potential solutions supported by Consumers Union to help students manage their debt, including giving private student loan borrowers the ability to refinance their loans, negotiate better lower payments over time, and a “credit clean slate” for borrowers in default.
“The difficulties students face paying off high loan debt are all too familiar to millions of American families across the country,” said Suzanne Martindale, staff attorney for Consumers Union, the policy and advocacy arm of Consumer Reports. “Enabling students to refinance their loans and negotiate more favorable terms with lenders would provide much needed relief for struggling graduates and the economy.”
Click here to read the full article on Clarksville Online.