On October 16th, the Student Loan Ombudsman of the Consumer Financial Protection Bureau ("CFPB") released a report analyzing complaints the CFPB has received from private student loan borrowers. According to the report, private student loan borrowers face payment processing pitfalls that can lead to increased costs, prolonged repayments, and harm to their credit profiles. The CFPB also issued a consumer advisory to help certain borrowers communicate their payment preferences to servicers. CFPB Press Release.