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    "parsed_content": "CFPB Uncovers Illegal Practices Across Student Loan Refinancing, Servicing, and Debt Collection\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DEC 16, 2024\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n WASHINGTON, D.C. \u2013 Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets. The report covers violations related to student loan refinancing, private lending and servicing, debt collection, and federal loan servicing.\u201cCompanies break the law when they mislead student borrowers about their protections or deny borrowers their rightful benefits,\u201d said CFPB Director Rohit Chopra. \u201cStudent loan companies should not profit by violating the law.\u201dStudent loans represent the second-largest form of U.S. consumer debt at more than $1.7 trillion in total outstanding balances. Within the past year, many student borrowers faced challenges, including as 28 million federal student loan borrowers returned to repayment following the end of the COVID-19 payment pause. Today\u2019s report details how CFPB examiners identified instances of companies engaging in illegal practices across student loan markets, including:Lenders misleading borrowers and failing to carry out their instructions for refinancing: Refinancing or consolidating federal loans through a private lender results in the loss of important federal protections. CFPB examiners found that lenders gave misleading impressions that borrowers who refinance might not lose access to federal loan cancellation programs. Lenders also failed to re-amortize consolidated loans following borrowers\u2019 requests to exclude federal loans.Private lenders deceiving borrowers or denying benefits: Supervision found that lenders unfairly denied discharge applications for borrowers who were eligible based on Total and Permanent Disability status. Lenders also inaccurately claimed certain borrowers were ineligible for autopay discounts or falsely advertised to borrowers that they could suspend their loan payments if they lost their job but later eliminated this benefit.Servicers failing to address claims related to school misconduct: Many private student loans made directly by schools include provisions allowing borrowers to challenge their loans due to school misconduct, regardless of who holds the loans. CFPB examiners found that servicers misled borrowers about their right to challenge their loans and failed to properly consider most borrowers\u2019 challenges to their loans based on school misconduct. The CFPB directed the entities to create robust systems for evaluating borrowers\u2019 claims of school misconduct.Servicers distributing contracts allowing illegal collection tactics: CFPB supervision uncovered institutional loan contracts with provisions that would allow schools to illegally withhold students\u2019 academic transcripts or access to classes and other education services in the case of default. Some servicers also falsely threatened students with legal action.Federal loan servicers harming borrowers during return to repayment: CFPB supervision observed that federal loan servicers failed to provide, for extended time periods, adequate ways for borrowers to manage key loan issues by phone. Servicers also issued deceptive billing statements with incorrect payment amounts and due dates, and debited unauthorized amounts. Significantly, examiners also uncovered numerous problems with how servicers processed borrowers\u2019 applications for income-driven repayment plans.When CFPB examiners uncover problems, they share their findings with companies to help them remediate violations. Typically, as with some of the instances identified within today\u2019s report, companies take actions to fix the identified problems. For more serious violations or when companies fail to take corrective actions, the CFPB opens investigations for potential enforcement actions.Today\u2019s report builds on the CFPB\u2019s recent oversight of the student loan market, including the supervisory response initiated during the federal student loan return to repayment. For more than ten years, the CFPB has supervised the student loan market for risks to consumers, and has taken multiple enforcement actions for shoddy student loan servicing practices. In November, the CFPB released the annual report of the Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions.Read the special edition of Supervisory Highlights.Learn more about the information and resources the CFPB has available for consumers considering student loans and for consumers with student loans.Consumers can submit complaints about financial products and services by visiting the CFPB\u2019s website or by calling (855) 411-CFPB (2372).\n \n \n \n \n \n \n The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Topics\n \n \n \n \n \n \n \n \n \u2022\n Supervision\n \n \n \n \n \n \n \n \n \n \u2022\n Students\n \n \n \n \n \n \n \n \n \n \u2022\n Student loans",
    "ai_headline": "CFPB Uncovers Illegal Practices Across Student Loan Refinancing, Servicing, and Debt Collection",
    "ai_simplified_title": "CFPB Uncovers Illegal Student Loan Practices",
    "ai_excerpt": "The CFPB released a report detailing illegal practices in student loan refinancing, servicing, and debt collection. The report highlights misleading information, denial of benefits, and improper handling of borrower claims. The CFPB is taking action to address these violations.",
    "ai_subject_tags": [
        "Student Loans",
        "CFPB",
        "Consumer Protection",
        "Debt Collection",
        "Refinancing",
        "Servicing",
        "Financial Regulations"
    ],
    "ai_context_type": "News",
    "ai_context_details": {
        "tone": "informative",
        "perspective": "neutral",
        "audience": "general",
        "credibility_indicators": [
            "government agency",
            "expert quotes"
        ]
    },
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