Directs the Secretary of the Treasury (Secretary) to appoint a Private Education Loan Ombudsman to provide timely assistance to borrowers of private education loans.
Requires the Secretary and the Secretary of Education to disseminate information about the availability and functions of the Ombudsman to borrowers, potential borrowers, and other participants in private education and federal student loan programs.
Directs the Ombudsman to: (1) receive, review, and attempt to resolve informally complaints from borrowers of private education loans, in accordance with the Secretary's regulations; (2) establish a memorandum of understanding with the student loan ombudsman established under the Higher Education Act of 1965 to coordinate the provision of assistance to borrowers seeking to resolve complaints related to their private education or federal student loans; and (3) compile and analyze data on borrower complaints regarding private education loans.