GettyLast week, consumer advocates filed a lawsuit against the U.S. Department of Education and the Consumer Financial Protection Bureau, accusing these government agencies of failing to protect student loan borrowers. The lawsuit paints a dire portrait of the state of student loans. The U.S. Department of Education is the biggest player in the student loan world, handling hundreds of billions of dollars in federal student loan debt. Student loan servicing giants such as Navient, FedLoan Servicing and Great Lakes Higher Education have been accused of widespread failures and violations of consumer protection statutes. But according to the lawsuit, since the CFPB’s leadership was gutted, the CFPB has largely failed student loan borrowers as well.

Source: Forbes December 03, 2019 16:08 UTC