With more than 850,000 private student loans in default, and even more in delinquency, loan lenders and servicers have been made keenly aware that regulators think they need to do more to help struggling borrowers refinance their student loan debt. Earlier this month, CFPB Director Richard Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller convened a meeting with the nation’s largest private student lenders and servicers to review the situation and to drum up solutions. One of the big problems, according...