The government's top student loan watchdog abruptly resigned in protest. In his resignation letter, Seth Frotman wrote the leadership at the Consumer Financial Protection Bureau has turned its back on young people and their financial futures. Now that he's leaving, some worry about who is looking out for students.
“There's thousands of schools, millions of students, and it's a big operation to manage,” says Matthew Ribe with the National Foundation for Credit Counseling. “And somebody needs to be looking out for the borrower experience, the citizen experience going through this.”
Student loan debt is now the second highest consumer debt category, behind only mortgage debt. Student debt is higher than both credit cards and car loans. With millions of Americans in debt, experts say it's up to you to be your biggest advocate.
“They're quite complicated; there are several different loan types, different interest rates,” explains Ribe. “It can be overwhelming and confusing, and speaking to a certified expert, can really help you understand what path makes sense for you.”
If you have a complaint, you can still contact the Consumer Financial Protection Bureau or the Department of Education.
"I would not be worried in the near term,” Ribe says. “I think the Department of Education is going through some serious efforts to improve the way they administer this program. Worth seeing where it goes.”