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Director of the Consumer Financial Protection Bureau turns his sights to student loans

Published: Tuesday, Aug. 6 2013 2:47 p.m. MDT

Richard Cordray stands left as President Barack Obama announces in the State Dining Room of the White House in Washington, Thursday, Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC).   (Carolyn Kaster, Associated Press) Richard Cordray stands left as President Barack Obama announces in the State Dining Room of the White House in Washington, Thursday, Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC). (Carolyn Kaster, Associated Press)

It seems with each news cycle comes more attention to the cost of college, and student loans often take center stage in these discussions.

The director of the Consumer Financial Protection Bureau, Richard Cordray, has also entered the conversation, annoincing that helping borrowers handle the rising amounts of student loan debt is “a big priority for us."

According to USA Today’s Jayne O’Donnell, the CFPB received 2,000 complaints about private student loans from Oct. 1, 2012 to March 31 of the same year, causing the agency to take special notice of the issue.

The complaints consisted largely of difficulties with payment processing, a lack of easy access to documentation and information on loan statuses and accessing basic account information.

The danger of mismanaged student loan debt, according to Cordray, is that it affects a particularly vulnerable portion of the population.

"Frankly, those are the people we should care about as much as anyone in our society,” Cordray told USA Today. “They are young people with some amount of promise and talent and they just lack the means."

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