![]() To learn more about your options when repaying private and federal student loans, check out Repay Student Debt. In the meantime, we’ll keep working to help you find a way to make ends meet. ![]() We were very encouraged to hear that many of them are launching initiatives this year to help their customers weather the storm and get back on their feet. Many of the financial institutions represented in today’s meeting received extraordinary assistance from federal government programs when they faced their own financial distress. Many of you have told us that you want to pay back your loan, but you just need a payment plan that works for you, especially when you haven’t yet found a full-time job in a tough market. The most common complaint comes from those who are unable to negotiate a repayment plan that they can actually afford. We’ve received thousands of complaints from private student loan borrowers. Unlike federal student loans, private student loans generally lack flexible repayment options when borrowers run into trouble. According to a report we published jointly with the Department of Education, there were more than 850,000 private student loans in default, with even more in delinquency. Unfortunately, too many student loan borrowers are struggling. This morning, CFPB Director Richard Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller convened a meeting with the nation’s largest private student lenders and servicers who work with millions of borrowers and their families.
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