The need for the CFPB to "take on the poorly regulated, private student lending industry" is particular necessary given the "the growing debt load of college students and graduates":

A report released Monday by the Federal Reserve Bank of New York renews concerns about the growing debt load of college students and graduates.

The report suggests that as many as 27 percent of the 37 million borrowers have past-due balances of 30 days or more.

"In sum, student loan debt is not just a concern for the young," the report said. "Parents and the federal government shoulder a substantial part of the postsecondary education bill."

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March 5, 2012

Fed Study of Student Debt Outlines a Growing Burden

By ANDREW MARTIN and RON LIEBER

http://www.nytimes.com/2012/03/06/business/study-finds-a-growing-student-debt-load.html 

The report, which was created by an analysis of Equifax credit reports, said the total balance of student loans was $870 billion. Of the 241 million with Equifax credit reports (there are 311 million people in the United States), 15 percent had student debt.

Forty percent of the people under 30 had outstanding student loans, and the average outstanding debt is $23,300. About 10 percent of borrowers owe more than $54,000 and 3 percent owe more than $100,000