Complaints about student loans are up 78 percent this year
Some 43.3 million Americans are saddled with student debt totaling $1.26 trillion. Many are not happy about it.
Indeed, complaints to the Consumer Financial Protection Bureau about student lending practices have surged 78 percent since last year. There were 1,254 complaints in August alone, the same month the agency fined Wells Fargo $3.6 million for charging student loan customers illegal fees and providing misleading payment information.
CFPB complaints have been growing steadily since the agency was created five years ago. While gripes over education loans account for just 3 percent of all federally filed consumer grievances (debt collection and mortgage issues make up the bulk of complaints at 27 percent and 25 percent, respectively), the spike in student lending complaints this year far surpasses any other category's growth.