Congresswoman Rosa DeLauro (D-CT) released the following statement today on a new Consumer Financial Protection Bureau (CFPB)/ Department of Education report showing risky practices and increased debt in the private student loan market. The CFPB estimated that outstanding student loan debt in the United States topped $1 trillion last year.
"Only by keeping college affordable and available can we continue to have a strong middle class and good job growth in America. Unfortunately, the financial pressures on students have continued to grow. As this report shows, the boom and bust of the financial crisis impacted student borrowers in the same way that it hurt other consumers. This clearly demonstrates the need to increase transparency in private student loan lending and ensure that adequate protections are in place to prevent students from falling into greater debt."