In October 2017 the Consumer Financial Protection Bureau (CFPB) published a 50 State Snapshot of Student Debt. Since its formation, the CFPB has handled tens of thousands of complaints related to student loan lenders, servicers, and debt collectors. Student loan debt in DC, Virginia, and Maryland is truly enormous. Total outstanding student loan debt in DC is $6.76 billion. Student loan borrowers in Virginia owe a total of $36.57 billion, and Maryland student borrowers owe $30.33 billion. Smart debt is big business in DC.
Student loan debt in DC, Virginia, and Maryland
These graphs illustrate the location, number, and type of complaints handled by the CFPB from July 21, 2011 to September 30, 2017. Student loan borrowers in the United States collectively owe $1.45 trillion in student loan debt. Just imagine how many student borrowers do not complain to the CFPB about their student loan problems.
Since 2012, the CFPB has provided $750 million in relief for student loan borrowers through enforcement actions and market reforms. But there is a lot of work left to do. Millions of borrowers cannot afford to make their monthly student loan payments. If you are experiencing problems with student loan debt in DC, Virginia, or Maryland, call Lee Legal for a free financial analysis.