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ARTICLE · 30 APRIL 2014

State AGs In The News - April 24th, 2014

Blank Rome
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Consumer Financial Protection Bureau’s Mid-Year Report on Student Loan Complaints Reveals Reports of Auto-Default When Co-Signer Dies or Files Bankruptcy.

United StatesPrivacy
Bernard Nash
Bernard Nash
Lori Kalani
Lori Kalani
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Consumer Financial Protection Bureau

Consumer Financial Protection Bureau's Mid-Year Report on Student Loan Complaints Reveals Reports of Auto-Default When Co-Signer Dies or Files Bankruptcy

  • The CFPB issued a mid-year report on student loan complaints and highlighted co-signer issues reported by borrowers. The complaints included lenders placing loans into auto-default when a co-signer dies or files for bankruptcy.
  • According to the report, over 90 percent of private student loans are co-signed and many of those contracts include an option for lenders to demand the full balance of a loan when a borrower's co-signer dies or files for bankruptcy. Borrowers complained, however, that lenders automatically placed the loan in default, even when the borrower was paying the loan as agreed.

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