Should college students get a re-do on their student loan debt? Maybe be offered a way to refinance high-priced private college debt to a lower rate? Or what about some options for cleaning up a credit history after running into trouble with college debt?
The Consumer Financial Protection Bureau tossed around a few ideas Wednesday at a field hearing in Miami on student loan debt. The potential help would apply to private college loans, which are offered by banks and other financial institutions.
Private loans amount to about $150 billion of the college debt out there; billions, yes, but still a fraction of the $1.1 trillion in outstanding student loans. Most student loans are federal loans. Yet private student loans are quite costly and regulators are reviewing various ways to help consumers tackle that debt.
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