Report: Private student borrowers can't get help

Millions of Americans still struggle with high-cost private student loans, with many tumbling into default because the companies servicing the loans aren't offering reasonable options for improved loan terms.

That's according to a report released Thursday by the Consumer Financial Protection Bureau. It says distressed borrowers are receiving scant information or help when they run into trouble with their private student loans, and affordable repayment options aren't available.

The latest annual report on the subject by the agency's ombudsman for student loans showed regulators making little progress since last year nudging companies to offer borrowers more reasonable terms.

And complaints by borrowers are on the rise. This year the agency reported it received about 5,300 complaints about private student loans. That's up 38 percent from the previous year.